Over 150.000 insurance professionals and consumers come to the Insurance Forum every month. Click here to register for FREE


Go Back   Insurance Forums > Insurance Agents and Brokers Forum > Real Estate and Mortgage Forum

Reply to HOME OWNERS INS Question     
Old 04-25-2017, 03:11 PM   #1
New Member
 
Join Date: Apr 2017
Posts:2
State: BlackWidow is an Insurance Agent from Kentucky
HOME OWNERS INS Question HOME OWNERS INS Question
Hello I need some advice on a "What IF' situation.

Rundown: Husband and I inherited our home from a deceased relative. The deed to the property and home are in our name. Due to the circumstances at the decedents time of death we were unable to gain the mortgage on the home. we knew our credit wasn't good enough. at the advice of the estate attorney we used, we were told that mortgage companies really don't care where the payments come from as long as they are paid and on time. That has not been a problem for us at all for the last 2 years. the home and property insurances along with taxes are paid by the mortgage company out of Escrow. Mortgage is still in decedents name along with the Insurance. Here is my question:

If something (heaven forbid) were to happen, say fire, storm damage,etc.. How could we access the Insurance to have our home repaired? Would it even pay out because its not in our name? Some one told us to just "Reopen the Estate" and then it would be no problem.. Can you actually do that after a period of time?

Any helpful answers or advice would be great! Thanks
------------------------------------
  Reply With Quote to HOME OWNERS INS Question

Old 04-27-2017, 07:07 PM   #2
Super Genius
 
Join Date: Apr 2012
Posts:239
State: BeeSelective is an Insurance Agent from Virginia
HOME OWNERS INS Question Re: HOME OWNERS INS Question
Insurable interest must exist at time,of claim. I'm not sure you have any insurance. You better do some checking.
------------------------------------
  Reply With Quote to HOME OWNERS INS Question
Old 04-28-2017, 11:27 AM   #3
New Member
 
Join Date: May 2013
Posts:18
State: dmetzger is an Insurance Agent from Undisclosed Location
HOME OWNERS INS Question Re: HOME OWNERS INS Question
I work in insurance and we had this happen. The insurance company would not pay the claim. I think you need to get the deed and insurance in your name.
------------------------------------
  Reply With Quote to HOME OWNERS INS Question
Old 04-28-2017, 11:41 AM   #4
Guru
VolAgent on HOME OWNERS INS Question
 
Join Date: May 2009
Posts:12,987
State: VolAgent is an Insurance Agent from Tennessee
VolAgent is a member of 5000 posts Super VIP club
HOME OWNERS INS Question Re: HOME OWNERS INS Question
They have insurable interest as they hold the deed, even if the mortgage is not in their name.

However, the insured no longer has insurable interest, and the company may not have renewed or rewritten the policy had they known about the charge in ownership. That is the issue, the company may use it as an opportunity to get off the risk and simply return premiums since the title changed.

So yes, you really need to have insurance in your name, which almost certainly means the mortgage in your name. Since you have been paying the mortgage on time for 2 years, I hope you have, they may be willing to let you assume the mortgage now even though you have poor credit.

------------------------------------
You can pay the premium or you can own the loss.
  Reply With Quote to HOME OWNERS INS Question
Old 04-28-2017, 12:43 PM   #5
Super Genius
 
Join Date: Mar 2015
Posts:167
State: ARus is an Insurance Agent from
HOME OWNERS INS Question Re: HOME OWNERS INS Question
The proper way to handle it, is to ask fr a new policy you name. As being on the deed, you have insurable interest.

Supposedly the mortgagee will accept this situation for as long
as you pay them on time.
------------------------------------
  Reply With Quote to HOME OWNERS INS Question
Reply to HOME OWNERS INS Question 

  Insurance Agent Forum > Insurance Forums > Insurance Agents and Brokers Forum > Real Estate and Mortgage Forum




Similar Threads with HOME OWNERS INS Question
Thread Thread Starter Forum Replies Last Post
Need Advice/suggestions: Home Owners Policy adamsagency Ask The Agents 3 02-25-2015 10:12 PM
Home Owners Claim. Which Agent is the Smartest?? lifeagent007 General Insurance Agent Discussions 5 12-05-2014 10:09 AM
Auto Owners Question nyc2phi P&C Insurance Forum 8 04-23-2014 03:29 PM
Home Owners Insurance Issue with Erie CFP83 P&C Insurance Forum 7 02-11-2013 03:10 PM
Med 4 Home Question jmarkk1 Senior Insurance Forum 8 11-19-2011 10:00 PM



All times are GMT -5. The time now is 01:20 AM.

Forum enabled with vBulletin®
Copyright ©2000 - 2017, vBulletin Solutions, Inc.


Join the Forum - It's FREE

Share This Page



Weekly Poll

Where do we go from here? POLL
Nothing - No ACA fixes - status quo
29.82 %
HHS Rulings and band aid bills
17.54 %
Hail Mary repeal and/or replace bill
17.54 %
A bipartisan bill to fix ACA
35.09 %

Voters: 57. This poll is closed