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Can I keep my insurance payout instead of rebuilding my house?
A tornado destroyed my house; there's really nothing left to fix. I only have $24,000 left on the mortgage and I don't feel like rebuilding from the ground up. Can I use the money from my insurance claim to pay off the mortgage and keep whatever cash is left over?
Alexah Grinnell · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“I’m sorry to hear about your troubles. Since your house is a
total loss
and you do not wish to rebuild, you can keep the insurance money that is left over after paying off any debt you have on the property and also cleaning up any debris. You would still own the parcel of land that the home once sat on, which can either be kept or sold.
“View full answer
- Gregory R.
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