get to dodge that cost?
2007-10-25 09:24:51 · 4 answers · asked by Hans B 5 in Business & Finance ➔ Insurance
The only time they don't pay out on a homeowners policy for an arson fire, is if the homeowner burns their OWN house. And even then, they STILL have to pay the mortgagee, up to the payoff of the house, or the policy limit, whichever is LESS.
So, if you set your own house on fire, the insurance company won't pay YOU for burning down your own house. But they'll pay off your mortgage. And if it spreads to the house next door, THEIR insurance will pay THEM.
So yes, the homeowners are covered, unless one of them set the fire. In which case, the one who set the fire won't get a dime.
2007-10-25 09:34:52 · answer #1 · answered by Anonymous 7 · 2⤊ 0⤋
Insurers cover losses from arson, as long as the arsonist is not also the homeowner involved in the coverage.
2007-10-25 09:28:15 · answer #2 · answered by acermill 7 · 4⤊ 0⤋
The homeowners would be insured unless they were proved to have been the arsonist and set fire to their own home.
2007-10-25 09:34:41 · answer #3 · answered by Judy 7 · 2⤊ 0⤋
well unless the arsonist owns the home, the homes are covered.
2007-10-25 09:32:20 · answer #4 · answered by Queen B 6 · 3⤊ 0⤋