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Reload this Page Hazard insurance, what does "improvements" mean? (value, principal, balance)
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Old 12-06-2007, 02:45 PM
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Default Hazard insurance, what does "improvements" mean?
When a mortgage requires hazard insurance at a minimum of 80% of the insurable value of "improvements", what does "improvements" mean?
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Old 12-06-2007, 02:48 PM
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Originally Posted by jabrondo18 View Post
When a mortgage requires hazard insurance at a minimum of 80% of the insurable value of "improvements", what does "improvements" mean?
The stuff that's built on the land. House, garage, deck, patio, poolhouse, guest cottage, etc.
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Old 12-06-2007, 04:31 PM
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So if you meet the requirement for hazard insurance if you have "hazard insurance for the unpaid principal balance as long as it equals at least 80% of the insurable value of improvements", that means that the mortgage balance equals 80% of the value of the home, including any improvements?
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Old 12-06-2007, 05:04 PM
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Actually, could "improvements" mean any improvement to the land? That would make sense.
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