Our house has a rebuild of 325K. We owe 68K on it. When talking to the city, they said if our house burns down or is otherwise totaled, they will not permit us to build it again. Our house was built in 1890 before there were rules on how close to the river you can be and the septic was added before there were rules on where that should be etc. It's not possible to build a house using current code on the lot we have. So if something happens to our house does the insurance still pay(minus our mortgage balance of course).
Read more: https://allmortgage.net/forum/if-your-house-burns-down-and-the-town-won-t-let-you.html
