Another Homeowners Insurance Question

[casdem1]

Our Chapter 7 was discharged in Feb 09. HSBC filed foreclosure a couple of weeks ago. We are moving in September. Our insurance and taxes have always been paid by us, seperate from the mtg (no escrow). I have not paid taxes in two years, but have paid the homeowners insurance monthly. I would really like to cancel and save that $175.00 per month, but am confused by what a lot of people on this forum have said about canceling homeowners insurance.

One more time, could I get some opinions on this subject. Thanks!!!!

[hnhlvr]

Have you called your insurance agent?

[casdem1]

speaking with insurance company

No. It is with USAA and I'm not sure what I should tell them. I would prefer to just say, "I want to cancel my homeowners insurance because we are moving" and leave it at that. Is that possible?

[Doghouse]

Just stop paying. I don't know what the point of calling would be, IMO. They'll cancel automatically anyway and your mortgage company will buy insurance on the house until it's sold. At least that's what I think.

I stopped paying my homeowners insurance 2 months ago. Only risk of course is anything that happens on your property makes you liable or you can also lose stuff to theft, flood, fire etc. I figure I have lived here and paid insurance for 4 years with nothing happening so I'll risk another couple of months.

[Flamingo]

Our Chapter 7 was discharged in Feb 09. HSBC filed foreclosure a couple of weeks ago. We are moving in September. Our insurance and taxes have always been paid by us, seperate from the mtg (no escrow). I have not paid taxes in two years, but have paid the homeowners insurance monthly. I would really like to cancel and save that $175.00 per month, but am confused by what a lot of people on this forum have said about canceling homeowners insurance.

One more time, could I get some opinions on this subject. Thanks!!!!

As long as the title to the property is in your name, you are responsble. If someone slips and falls and you are not insured if they get injured, you will have more to worry about than the foreclosure. Call your insurance agent and find out what to do - protect yourself because Murphy's Law can hit at any time..."It will go wrong and it will go wrong at the worst possible time.".

[Proxy]

Now if someone sues you and you don't have home insurance , or if a fire destroys or damages the house (say it is a foreclosed house awaiting a sale, before title changes ), can a BK 7 done after, discharge all of that??

[Flamingo]

Now if someone sues you and you don't have home insurance , or if a fire destroys or damages the house (say it is a foreclosed house awaiting a sale, before title changes ), can a BK 7 done after, discharge all of that??

If someone falls at your house and gets injured, they maybe have two or so years that they can file a lawsuit against you. So if the event occurs while the house is still in your name without insurance, they can come after you anytime before the statute of limitations runs out for them. Can you wait that long to file BK?

[hnhlvr]

Hmmm. . .I wonder if how the situation would change if a "No Tresspassing" sign is put up? Doesn't that remove liability?

At any rate, STILL call your insurance agent. I called mine and told him what was up (we were leaving the house and it was being foreclosed on). Our insurance was tacked onto our mortgage pmt and I'm pretty sure it expired before the house went into actual foreclosure so I guess we just lucked out.

[Flamingo]

Hmmm. . .I wonder if how the situation would change if a "No Tresspassing" sign is put up? Doesn't that remove liability?

At any rate, STILL call your insurance agent. I called mine and told him what was up (we were leaving the house and it was being foreclosed on). Our insurance was tacked onto our mortgage pmt and I'm pretty sure it expired before the house went into actual foreclosure so I guess we just lucked out.

If a "No Tresspassing" sign removed liability, no one would have to purchase homeowner's insurance...it might deter some folks (especially if you put "under video surveillance") but it doesn't remove liability and doesn't mean a thing to a neighborhood kid taking a short cut across your property and may fall over that crack in your walkway or that agent shows up to check on something and falls while looking at the outside of the house over an object left on the lawn.

As with anything there is risk...not having homeowner's insurance on a home in one's name and not being there to keep the house in order is a big risk and something to be discussed with the insurance agent.

[hurtininaz]

I had a question about the insurance too. My house has a NOD filed on it with forclosure set for October (I filed bk yesterday so that will probably get pushed out further). I vacated most of my things in June. I go to the house 2x a month to keep up the front yard. Last week I went and the locks were changed. I still have beds, toys, snowboards and garage stuff in there. I called the number on the sticker and they said they would call the mortgage company for permission to let me in. I said they should have sent me a notice and I would have got my stuff out. They lady said they should have done it too.

I am current on insurance and hoa dues. I assume that if any of my things are missing that I can make a claim for the theft. Other than that, how can I be liable for and expected to carry insurance on a property I have no access to. I understand legally they can secure the house if they feel there may be a threat - but I moved a couple of blocks away and remain in contact with the neighbors if there is a problem at the house - no threat!

[hnhlvr]

If a "No Tresspassing" sign removed liability, no one would have to purchase homeowner's insurance

A person would need home owners' insurance for fire, theft, and flooding.

[Flamingo]

A person would need home owners' insurance for fire, theft, and flooding.

LOL! Thanks hnhlvr...I was referring to the liability for someone getting hurt on the property to the other poster...that a No Tresspassing sign would not remove any liability and if it did, no one would need homeowner's insurance for that purpose. Of course it would be needed to cover catastrophic events and to go without it while a property is in one's name is a big risk/gamble.

[Flamingo]

I had a question about the insurance too. My house has a NOD filed on it with forclosure set for October (I filed bk yesterday so that will probably get pushed out further). I vacated most of my things in June. I go to the house 2x a month to keep up the front yard. Last week I went and the locks were changed. I still have beds, toys, snowboards and garage stuff in there. I called the number on the sticker and they said they would call the mortgage company for permission to let me in. I said they should have sent me a notice and I would have got my stuff out. They lady said they should have done it too.

I am current on insurance and hoa dues. I assume that if any of my things are missing that I can make a claim for the theft. Other than that, how can I be liable for and expected to carry insurance on a property I have no access to. I understand legally they can secure the house if they feel there may be a threat - but I moved a couple of blocks away and remain in contact with the neighbors if there is a problem at the house - no threat!

Find your homeowner's policy and read it or call your insurance agent and ask directly. Your mortgage documents also will have information stating what they can and will do when you don't pay. Review the papers you signed when you took on the mortgage as to what they can do when you don't pay and move out. It appeared they are treating it as you abandoning the property and are going by state laws as to what they can do and you need to find out from your insurance agent if you will be able to get back in there and get your items.

[hnhlvr]

LOL! Thanks hnhlvr...I was referring to the liability for someone getting hurt on the property to the other poster...that a No Tresspassing sign would not remove any liability and if it did, no one would need homeowner's insurance for that purpose. Of course it would be needed to cover catastrophic events and to go without it while a property is in one's name is a big risk/gamble.

lol I actually began googling what would happen re: liability if there is a "no tresspassing" sign and someone was injured in the yard, but decided to go get some housework done instead. . .lol so that was my quick reply. It seems that I did read somewhere that a sign will negate any liability.

Anyhow, it *does* make most sense to call the agent, not ask us.

I called mine about my insurance and then months later he called me and told me I had a refund check coming! It's best to remain in contact with involved parties.

[jmanford]

As long as the title to the property is in your name, you are responsble. If someone slips and falls and you are not insured if they get injured, you will have more to worry about than the foreclosure. Call your insurance agent and find out what to do - protect yourself because Murphy's Law can hit at any time..."It will go wrong and it will go wrong at the worst possible time.".

I have heard you say this a million times in these forums and I just wanted to ask you what your background is and where you are getting your information? I'm not saying your wrong, but I would like to validate what your saying is true. thx