Legal Question in Real Estate Law in Florida

Re: windstorm insurance proceeds

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Most likely the first mortgage holder is an also insured under the policy. As such, they have the rights to hold the monies to ensure that it is used to fix whatever the claim was filed for. It will probably be up to the court to determine just who has the actual rights to the monies.

Scott R. Jay, Esq.

Re: windstorm insurance proceeds

The ownership, at the time of the loss, is involved.

Re: windstorm insurance proceeds

In all likelihood the first mortgage holder will have the right to these funds in that most mortgages provide that insurance proceeds are to be made payable to the lender which the lender may use to pay down the principal balance of the mortgage. If the first mortgage holder doesn't claim the monies, and then the owner/defendant can claim these funds. You as the new title holder do not have any contractual entitlement to these monies.