Let’s say that you buy a home in cash and have 100% paid off. Could you still lose it somehow?

  • LemmyKnowsBest@lemmy.world
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    11 months ago

    ooh I didn’t know that! someone without insurance rear-ended my vehicle but I chose not to pursue it because then my own insurance rates would’ve gone up. But heck I didn’t know I could have gotten a house out of it 😄 okay but judging by the state of that guy, I doubt he had a very glamorous living situation.

    • squiblet@kbin.social
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      11 months ago

      If you’re injured, or have a lawyer and doctor say you were, yeah… you don’t literally get their house but they might have to sell it to pay you. More often, their insurance company would pay.

    • rekabis@programming.dev
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      11 months ago

      someone without insurance rear-ended my vehicle but I chose not to pursue it because then my own insurance rates would’ve gone up.

      Somehow, this sounds deeply wrong. Your insurance should cover you regardless of what happens. If it’s an act of god, the insurance company should just swallow those costs. If it’s caused by a third party who is not their customer, they should go after the company that insured the other party, or the other party directly if uninsured.

      No matter what the circumstances, if you are not at fault you should never see an increase in your rates, no matter how catastrophic the damage or the costs to make it right.