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House insurance question during foreclosure

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    House insurance question during foreclosure

    Although I haven't made any payment ot Chase, they have paid the homeowners insurance in full for a year. The house will have been totally vacant as of the 12th of June. All utilities are now off and it was no secret we were moving out. The house is empty, it is in a BK and will be in a trustee sale soon.

    The policy does not cover a vacant structure after 30 days. If it burned to the ground after 30 days I'm 100% certain the insurance wouldnt pay the claim. I am covered under a renters policy elsewhere for liability and belongings etc.

    My question is this - why do I have the insurance if they wont pay anyway ? I'm also 100% certain Chase has a master policy that covers their losses on vacant dwellings and paid this policy as the dwelling was occupied. Can I cancel the policy ?

    #2
    Originally posted by idainc View Post
    Although I haven't made any payment ot Chase, they have paid the homeowners insurance in full for a year. The house will have been totally vacant as of the 12th of June. All utilities are now off and it was no secret we were moving out. The house is empty, it is in a BK and will be in a trustee sale soon.

    The policy does not cover a vacant structure after 30 days. If it burned to the ground after 30 days I'm 100% certain the insurance wouldnt pay the claim. I am covered under a renters policy elsewhere for liability and belongings etc.

    My question is this - why do I have the insurance if they wont pay anyway ? I'm also 100% certain Chase has a master policy that covers their losses on vacant dwellings and paid this policy as the dwelling was occupied. Can I cancel the policy ?


    Read this thread regarding insurance and the liability issue.

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      #3
      Thanks.

      I finally got a hold of my Allstate agent who advised me that after 30 days of vacancy you lose all coverage except fire. So the slip and fall isnt covered just if it burns to the ground. As far as sprinklers are concerned as long as there is water to the nearby hydrant we're ok.

      Comment

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