Homeowners Insurance cancelled Does my Mortgage cover me ?
No. That forced placement coverage that your mortgage company will charge to you (which, btw, costs about 10X what regular homeowners is) will NEVER cover you. It won’t pay you, it won’t cover your stuff, it won’t even pay to fix your house if there’s a fire. It only EVER pays the mortgage company, and only up to the mortgage amount. And mortgage companies aren’t going to use that money, to fix your house. What you do, is pay in full for one year. If you don’t have it this week, you’ll have to wait until next week. If you go 30 days without coverage, though, you’ll be considered ‘high risk’, and the cost will go up.
