House insurance flood exclusions

DullGreyGuy

Luke451 said:

DullGreyGuy said:

Luke451 said:

Thanks everyone, I got somethign to work on.

But do I still need to pay the mortgage even if the property has gone down the sea, right?

I have no idea how I would come out alive from such expense in future, especially in old age...

In principle, though most will let the bank reposes it and potentially become bankrupt 

In reality, if you are talking a coastal cliff home on unstable cliffs then you probably won't have a mortgage as its a known issue and likely "when" not "if". A property which cannot be mortgaged will always be much cheaper

Do you mean "reposses the terrain"?

It encompasses the full title, land, buildings etc

Luke451

DullGreyGuy said:

Luke451 said:

Thanks everyone, I got somethign to work on.

But do I still need to pay the mortgage even if the property has gone down the sea, right?

I have no idea how I would come out alive from such expense in future, especially in old age...

In principle, though most will let the bank reposes it and potentially become bankrupt 

In reality, if you are talking a coastal cliff home on unstable cliffs then you probably won't have a mortgage as its a known issue and likely "when" not "if". A property which cannot be mortgaged will always be much cheaper

I may have the salary to pay the mortgage, but the property won't exist...

At that point, I'd need to pay that + rent somewhere else to survive, but I won't last long without having money to do anything extra...

Luke451

DullGreyGuy said:

Luke451 said:

Thanks everyone, I got somethign to work on.

But do I still need to pay the mortgage even if the property has gone down the sea, right?

I have no idea how I would come out alive from such expense in future, especially in old age...

In principle, though most will let the bank reposes it and potentially become bankrupt 

In reality, if you are talking a coastal cliff home on unstable cliffs then you probably won't have a mortgage as its a known issue and likely "when" not "if". A property which cannot be mortgaged will always be much cheaper

Do you know any way to avoid going bankrupt in this case?

After that, I'm not sure how I will even get any rent somewhere...

Yorkie1

OP, this scenario is so vanishingly rare, that you do seem to be worrying far too unnecesssarily about it. If you don't buy a property right on the edge of a cliff, then it won't fall into the sea, and you won't lose the money you're concerned about in this thread.

Luke451

Yorkie1 said:

OP, this scenario is so vanishingly rare, that you do seem to be worrying far too unnecesssarily about it. If you don't buy a property right on the edge of a cliff, then it won't fall into the sea, and you won't lose the money you're concerned about in this thread.

The point of having an insurance for an asset that can banktupt you is that it should cover every scenario, and in case the insurance goes bankrupt, someone else takes over, like the government or national bank for the banks.

For the most common cases like flood and subsidience there are many exceptions and rules, adding more risks for the extreme odds is really not what I'm searching for .

user1977

Luke451 said:

Yorkie1 said:

OP, this scenario is so vanishingly rare, that you do seem to be worrying far too unnecesssarily about it. If you don't buy a property right on the edge of a cliff, then it won't fall into the sea, and you won't lose the money you're concerned about in this thread.

The point of having an insurance for an asset that can banktupt you is that it should cover every scenario

There is no such insurance policy. You will need to accept that there will be exclusions.