Insurance

[babbles]

Never knew the answer to this question.  Have a rental home in Georgia and wondering  if the house burns  and causes significant damage, what happens next as far as insurance goes?  I have a fire policy attached to it so what happens, will the insurance rebuild the home or pay off the market value of the home?    

[ShanetheMortgageMan]

I had a friend who had this same thing happen to him here in California - after the fire burned the home down he called his insurance company and they processed the claim, in the end he got funds to rebuild a home (it was a 1960 home and rebuilt with a 2010 home, increased the value a ton), outside of the loss of rent, the fire was the best thing that happened to that property.