Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

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Homeowner's Insurance

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  • Homeowner's Insurance

    In January the pipes in our vacant house burst. Fortunately our homeowner's insurance is covering the loss. Sometime between Jan and now, the mortgage holder let State Farm know the house was vacant and now the insurance is being cancelled effective April 14.

    We surrendered this property in BK (discharged Jan 2014).

    Will lender obtain their own insurance on the house?

    I'm just worried about contractor getting hurt in house and there not being any insurance on it as house is still in my name.


  • #2
    from what i know in out case we were not responsible for anything including insurance once the bank moved to foreclose. however, our property was in nj, the only state in the county that i know that passed a bill N.J.S.A. 46:10B-51, the New Jersey Creditor Responsibility Law ha ha making the lenders responsible for everything after one's been served and the process began.

    i'm not certain in ohio, i know this subject has come up many times as to whom is responsible since there has been no deed transfer. i just thought everywhere it was the same, but unfortunately it's not. i would give your atty a call and see if you still have any liability. i also am on the side one is not after the bk and the bank takes possession. but some will argue that is not so. their view would be yes you are until that deed changes hands, which ONLY happens when the deed either transfers back to the bank or the house is sold. so, if i were you i would check with your atty to see which applies in ohio.

    there are some companies that will insure vacate homes. yuck i just dealt with one and have the client pay $1500 every three months to keep the hazard insurance active. again, i would call your attys office and get their take on the situation.

    best of luck! i'm sure it will all work out.
    Last edited by tobee43; 03-04-2014, 01:50 PM.
    8/4/2008 MAKE SURE AND VISIT Tobee's Blogs! and all are welcome to bk forum's Florida State Questions and Answers on BK


    • #3
      The lender will purchase (force place) insurance on the house to cover their asset. They may send you notices and certified letters and tell you you will have to pay this and it will be added to your escrow account balance... blah, blah, blah... but you won't owe it if you did not reaffirm your mortgage in your Chapter 7 BK.

      A lender placed policy does not give you any liability coverage which is what would protect you if the contractor (or anyone else) were injured while on your property. It is your property until the deed is out of your name (via short sale, deed in lieu, foreclosure, etc.). It is a regular topic of discussion here on the forum as to whether a homeowner would be liable for injuries on a home they surrendered (or vacated) after a BK discharge. No one has heard or read of a lawsuit under these particular circumstances but hubby and I decided we didn't want to risk being the first ones! Your mileage may vary so it may be worth a call to your attorney to get their opinion/advice - even if you had to pay a reasonable fee to do so.

      We purchased a umbrella liability policy which was attached to our renters and automobile policies with USAA. A $1 million policy was under $200/year. We also had to keep the highest liability limits in place on our renters and automobile policies.

      I am so glad for you that State Farm covered your claim on the frozen pipes! Wishing you a happy Spring!
      ~~ Filed Over Median Income Chapter 7: 12/17/2010 ~~ 341 Held: 1/12/2011 ~~ Discharged: 03/16/2011 ~~
      Not an attorney - just an opinionated woman.


      • #4
        I have moved this thread into the Insurance Board, because it seems more appropriate here.

        OP, there are many threads here dealing with your questions about homeowners insurance.
        "To go bravely forward is to invite a miracle."

        "Worry is the darkroom where negatives are formed."


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