1. Depends on if you have replacement cost or actual cash value.
2. The mortgage company gets the check for the amount owed and you get the rest.
3. You should obtain higher insurance amount.
I'll offer you a call to discuss in detail.
Sorry I didnt get back to you previously, what does the rest mean (in answer 2, you get "the rest")
The excess dollar amount
can you please provide an example, if a house is worth 100 k, the mortgage owes 60 K(now) and it had an original mortgage of 100 k how much is paid out?
The problem here is that the total amount of policy is lower than the value of individual units multiplied by number of units