Fort McMurray obliterated

[Gixxer]

How many don't have insurance and will still have to make mortgage payments?

If you have lost everything then it might be prudent to declare bankruptcy and start over.

I feel sorry for them no matter what.

Pretty sure you have to home insurances when carrying a mortgage

[Static]

The airport weather station is still working too. Yesterday was 32 degrees, and today is supposed to only hit 19 with a 30% chance of showers. By Monday the high will only be 11. The worst could be over.

Hope so

[LANDM]

Looking on the bright side, this will do wonders for their local economy.

That is very correct.
After the big fire in 2003, I did not encounter one total loss person who was unhappy with their eventual situation. I'm not saying everyone was thrilled with what they went through, but financially, they were all very pleased. Quick settlements, great rebuilds, no issues.

The damaged but not total loss homes were a different story. Lots of haggling nonstop for a couple of years trying to get things right.
I can never understand the people who put sprinklers on their roof......my motto is burn baby burn. Let insurance sort it out.

[pepsilover]

They won't just get a cash payout. Homes have to be rebuilt in order to receive insurance payout.

Are you sure that's true in every circumstance? Are you in insurance? The reason I ask is I had an outbuilding worth over $5,000 destroyed (but not by fire, by malicious intentional damage), and they gave me a payout and I did not have to rebuild. I could have but chose not to.

So are you speaking from an area of expertise on the fire/home rebuild situation or is that an opinion only? I honestly don't know.

[pepsilover]

Pretty sure you have to home insurances when carrying a mortgage

I think that used to be true, but not so sure anymore. Many people are using lines of credit instead of actual mortgages and you don't need insurance on those. Of course it is wise to have mortgage insurance but not everybody qualifies for it. If you have any kind of pre-existing medical condition you are refused usually. Insurance is a very interesting subject and best to read ALL the clauses, but I know for a fact you don't need insurance on a line of credit, and if you are using it towards your house, the equity is there. The house is used as equity against the loan, and yep they could ultimately take your home if you didn't pay up, but insurance is not required. DEFINITELY read between ALL the lines when purchasing a home, home insurance and/or getting a mortgage or a line of credit.

ETA: I thought we were talking about mortgage insurance which is different than house insurance. Somewhere along the line of the thread it morphed into house insurance from mortgage insurance. So to be clear yes, you require home insurance if you have a mortgage but you don't require 'mortgage' insurance if you have a line of credit that is attached to the equity of your house.

[LANDM]

Virtually every mortgage instrument will have wording requiring insurance.
HELOC's would require insurance but not general lines of credit that are unlinked to the home equity.

And yes, there can usually be a lower amount negotiated for a cash payout. That is very common and was taken extensively after the mission fire. That is where some people made out really well. The fire took down the home and trees, opening the view, increasing the value of the lot, and they came out with an extra hundred on the lot and a pile of cash for the home and belongings. If they were thinking of selling anyways, it was a perfect situation.

[Hassel99]

They won't just get a cash payout. Homes have to be rebuilt in order to receive insurance payout.

Not true, the majority have an option for an actual cash value settlement, this is normally much less than the replacement cost of the house and has a factor for depreciation. You can get hosed this way, but perhaps less hosed than rebuilding in a town you do not want to live in.

[GrooveTunes]

http://www.bnn.ca/Video/player.aspx?vid=863464

[pepsilover]

HELOC's would require insurance but not general lines of credit that are unlinked to the home equity.

Not sure what HELOC means (love it when people use those kinds of initials that most people don't get, but I'm guessing it stands for Home Equity Loan something or other), BUT I have a large line of credit that IS linked to home equity and it does not require insurance.

ETA to be clear, I am referring to 'mortgage insurance' not 'house insurance' here. But yes, HOUSE insurance is most definitely required and one would be a fool not to have house insurance in this day and age, and in this part of the country.

[Triple 6]

Feel free to start another thread about mortgages/home insurance etc... Please stop derailing the thread with such. I believe a lot of people are looking for updates/pictures with this thread. Again take the "banking" talk to another thread.

Comments off topic will be deleted without explanation. thanks.

[Frisk]

85,000 hectares now.

[Glacier]

If I had stocks in insurance companies, I'd be selling right now because insurance companies are going to be paying out billions in claims from this fire.

mcmurray_etm_2016125_swir_lrg.jpg

[Dizzy1]

Just got out of a meeting. All oil sands sites are being shut down and everyone is being evacuated starting today.

[GordonH]

To bad there is not easy conversion of Air Forces Cargo to retardant bombers, either the CC-130 Hercules or CC-177 Globemaster III

Yes, I'm aware the expense (not the exact dollar figure) to using these big aircraft & Cold Lake is 270 Km away

Just a crazy thought

[The Green Barbarian]

Just got out of a meeting. All oil sands sites are being shut down and everyone is being evacuated starting today.

Yikes. Be safe!!