Upon transfer of ownership, you needed to obtain your own homeowner’s policy. New ownership = new risk = insurance company has to underwrite everything. Who’s to say you would even have been eligible under the same carrier?
Expensive lesson.
pineapplevomit on
Insurance is a contract. If she no longer owns the home there needs to be a new contract/policy with you as the named insured. I could see how the insurance company may give you the benefit of the doubt if it was 6 months, but at this point it’s been 5 years.
theblondepenguin on
This isn’t a technicality this is the whole thing. You aren’t insured your mil is and she doesn’t have an insurable interest in the property. When you get a quote they underwrite the policy with your credit and clue report. It’s a non-transferable contract.
You say that you are the only one on the loan but also that you have been paying her loan? If the loan was in your name they would have caught it because they check the named insured against the loan holder. So you weren’t underwritten for the loan either. So why didn’t you get a new loan/policy? This isn’t just an insurance issue that is a mortgage and title issue as well.
Nimzay98 on
Who did your lender have as the insurance carrier? Are you sure your lender didn’t place their own insurance on the property?
WhereMyMidgeeAt on
Purchased a home but never purchased homeowner insurance ?
That sucks.
Pale-Accountant6923 on
Unfortunately this is not a “minor technicality”, it’s a major contractual issue.
Most places don’t obligate home insurance anyways so if you didn’t have it, it’s on you.
Esspecially if you purchased the home back in 2019. Did you never look at your policy renewal docs?
Mine too! Except this office supervisor LIED to me, said that my DL wasn’t valid so my policy had lapsed and wouldn’t be renewed. I argued with her that it IS valid, and she claimed that “the system” would not accept it. I insisted that she send me that info In-Writing, and instead she sent me the (pictured) voicemail. Unbelievable. I took me almost a week trying to get new H/A policies somewhere else, (believing I was without coverage) and finally did. However, I later made a formal complaint…and they immediately reinstated my policies, profusely apologized and hopefully terminated her “powerful” ass.
lost_in_life_34 on
when i bought a house I had to get a binder from the insurance company and send to the lender and both knew who was who and the closing costs paid for the first year of the policy. and every year I get a renewal email and letter and I always forget to shop around
you should be able to log into the insurance website and see your policy with the lender and vice versa
8 Comments
Upon transfer of ownership, you needed to obtain your own homeowner’s policy. New ownership = new risk = insurance company has to underwrite everything. Who’s to say you would even have been eligible under the same carrier?
Expensive lesson.
Insurance is a contract. If she no longer owns the home there needs to be a new contract/policy with you as the named insured. I could see how the insurance company may give you the benefit of the doubt if it was 6 months, but at this point it’s been 5 years.
This isn’t a technicality this is the whole thing. You aren’t insured your mil is and she doesn’t have an insurable interest in the property. When you get a quote they underwrite the policy with your credit and clue report. It’s a non-transferable contract.
You say that you are the only one on the loan but also that you have been paying her loan? If the loan was in your name they would have caught it because they check the named insured against the loan holder. So you weren’t underwritten for the loan either. So why didn’t you get a new loan/policy? This isn’t just an insurance issue that is a mortgage and title issue as well.
Who did your lender have as the insurance carrier? Are you sure your lender didn’t place their own insurance on the property?
Purchased a home but never purchased homeowner insurance ?
That sucks.
Unfortunately this is not a “minor technicality”, it’s a major contractual issue.
Most places don’t obligate home insurance anyways so if you didn’t have it, it’s on you.
Esspecially if you purchased the home back in 2019. Did you never look at your policy renewal docs?
https://preview.redd.it/vq516grhp9nd1.jpeg?width=1588&format=pjpg&auto=webp&s=ff5a002b7503480e45dd03ec4d37e6184191c1cb
Mine too! Except this office supervisor LIED to me, said that my DL wasn’t valid so my policy had lapsed and wouldn’t be renewed. I argued with her that it IS valid, and she claimed that “the system” would not accept it. I insisted that she send me that info In-Writing, and instead she sent me the (pictured) voicemail. Unbelievable. I took me almost a week trying to get new H/A policies somewhere else, (believing I was without coverage) and finally did. However, I later made a formal complaint…and they immediately reinstated my policies, profusely apologized and hopefully terminated her “powerful” ass.
when i bought a house I had to get a binder from the insurance company and send to the lender and both knew who was who and the closing costs paid for the first year of the policy. and every year I get a renewal email and letter and I always forget to shop around
you should be able to log into the insurance website and see your policy with the lender and vice versa