Does hazard insurance cover water damage?
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Our home needs to be condemned. During the last several weeks we have had numerous water leaks due to the freezing weather and water lines busting. Now our flooring and sub flooring have to be replaced. Along with both bathrooms. We now have a mold issue that leaves me with a constant headache. I have called my morgage company to get a copy of my policy, they said it would be 3 to 5 business days just to fax it to me. My husband repaired the leaks but the damage was already done. If the county came out our house it would be condemned. We are on bankruptcy so I cant get a loan to bring it up to code. I dont know what to do. Will my policy cover the damage, how does it work, and how long would we be out of a home? Anybody been in this situation or know what to do?
Does hazard insurance cover water damage?First, do you have the coverage WITH the mortgage company? That is what it sounds like, only banks call homeowners insurance "hazard" insurance, or do you have your own homeowners policy that you purchased on your own? This will make a difference. Any policy with the mortgage company will only cover the mortgage companies interest, not yours. It will not have any contents coverage or liability coverage. You probably won't have any loss of use either. I really hope you have your own policy. Also, if you do have a policy with the bank, do you realize you are probably spending 2 to 3 TIMES the cost of your own policy with much LESS coverage? Also, you should always read & understand your policy before you have a loss so you don't get yourself in a bad situation. If you have questions, you call your agent.
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