Insurance Question

[apb739]

[km2654]

I cancelled mine the day after auction date.

[MSbklawyer]

I would cancel it the minute you decide that you're going to file bk. If it burns down, any liability you have would be discharged in the bk.

[Flamingo]

You are responsible for any liability until the house is out of your name. If someone falls and injures themselves on your property prior to that time, (i.e., agent walking around looking outside or inside), they can sue you two years from now or whenever the statute of limitations expires in your state for personal injury. You are taking a chance and a risk only you can shoulder if you cancel before transfer of title. I would call your insurance agent and ask before you put yourself out on any limb or if you already have retained counsel to file, ask your lawyer.

[HHM]

It has to do with your risk comfort level.

The bank will force place insurance anyway, anything that happens prior to BK would be discharged, the risk is the time from filing BK to the time the home forecloses.

[nc73]

you need to change your insurance since you abandoned the property. i think it's called Vacant home insurance. the current one you have won't cover it. that's if you decide to keep it insured. just hope you're very lucky nothing happens. the mortgage company may already have it insured.

[apb739]

Chapter 7 Bk filed, discharged and closed