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Patrick H.
Patrick H., Lawyer
Category: Australia Law
Satisfied Customers: 5420
Experience:  Dip Law LPAB - Sydney based lawyer
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My house was down November last year. A week after the

Customer Question

My house was burnt down November last year. A week after the fire my finance company took possion of the house my insurance claim has been accepted. My house was in sured for 315 thousand and contents for 30thousand i owe my finance company 180 thousand and i should get the balance off the insurance
Submitted: 2 years ago.
Category: Australia Law
Expert:  Patrick H. replied 2 years ago.
How can I help you?
Customer: replied 2 years ago.
Where do i stand with my insurance. They are now asking my finance what s there intrist in the property la
Expert:  Patrick H. replied 2 years ago.
The insurer is presumably checking that you are in fact the title holder of the property and not the finance company. Problems can arise where people take out insurance over property that is not legally theirs. If your finance arrangements are simply that you have a mortgage on the property and the mortgagee financer has now taken possession because you are behind in your payments, you are still the title holder and your insurance should still apply. If however, your arrangements are such that you either have never had legal title or did not have legal title at time of the fire, then it may be that your insurance will not respond to the fire, but instead you will need to pursue the recovery of the lost property value from the finance company (who in such a case should have arranged their own insurance). Ultimately you very likely should recover against one or the other of the finance company or the insurer. I trust the above assists your understanding. If you have a further question please ask, otherwise please rate my answer. Thanks, Patrick
Customer: replied 2 years ago.
At the time off the fire i had in surance and about two weeks later they took the property. Over i was insured for 345 thousand dollars in cluding contents i owe them 180 thousand dollars so i should get. The balance. Of the money
Expert:  Patrick H. replied 2 years ago.
If the property was in your name at the time of the fire then ordinarily you should receive the insurance pay out, but the insurer is within its rights to check that you were on title and also to satisfy itself that you did not over insure the property. If you did insure the property for more than it was actually worth then the insurer is entitled to limit its liability to the true value of the building and refund you any excess premium that arose due to the excessive amount by which it was insured. If the property was not in your name then likely you can recover an amount roughly equal to the hypothetical value of the property when they took possession, less what you owe and associated expenses, but this may prove more complicated and may warrant the involvement of a lawyer on your behalf if the finance company are being unreasonable in assessing your entitlement.I trust the above assists and please rate my answer. Patrick
Customer: replied 2 years ago.
I am very Happy with your answer thanks been very helpfull. Michelle. Gorry
Expert:  Patrick H. replied 2 years ago.
I am glad you are happy with my answer, but could you please rate it, otherwise the website operator will not pay me for my time and effort. Thanks, Patrick
Expert:  Patrick H. replied 2 years ago.
Please rate my answer.