Who is responsible for home insurance and property taxes after discharge?

[scooter6251]

Our BK 7 was discharged. We're leaving the state but plan to rent the house until foreclosure, maybe 1 or 2 years (nothing started yet). Our homeowners insurance is paid until Oct. When we relocate, we will get renters insurance on our new residence and plan to get an umbrella liability policy. It states that it covers rental property so it should cover us for liability. I'm sure the bank will put insurance on the structure when the homeowners ins runs out.

[tobee43]

Our BK 7 was discharged. We're leaving the state but plan to rent the house until foreclosure, maybe 1 or 2 years (nothing started yet). Our homeowners insurance is paid until Oct. When we relocate, we will get renters insurance on our new residence and plan to get an umbrella liability policy. It states that it covers rental property so it should cover us for liability. I'm sure the bank will put insurance on the structure when the homeowners ins runs out.

absolutely correct...banks have what is called an "umbrella" policy as well for their foreclosure properties....

in as much as one PP mentioned about having to maintain insurance until the deed transfer...well...what if never does???

the bank may hold the property forever...

[scooter6251]

absolutely correct...banks have what is called an "umbrella" policy as well for their foreclosure properties....

in as much as one PP mentioned about having to maintain insurance until the deed transfer...well...what if never does???

the bank may hold the property forever...

Exactly. We feel that by renting it out after we leave, gives us some needed income plus protects the property which we seem to care more about than the bank. So if we cover our liability with the umbrella policy, they can cover the structure or not, I don't really care.

[tobee43]

Exactly. We feel that by renting it out after we leave, gives us some needed income plus protects the property which we seem to care more about than the bank. So if we cover our liability with the umbrella policy, they can cover the structure or not, I don't really care.

we would have the done the same thing...but we had ponds and pool and spa...way way too much liablity...and that scared us...otherwise we would have done the same exact thing.

[Wantmypeace]

Tobee...what DID you do, then? I just want to clarify. I know this is an old post, but our house has a pool, and when the NOD comes and we know we're only a few months out from the sale, we will move to a rental. I need to know how to insure the house (if I need to) during that gap of time that it is vacant. What kind of insurance did you get to cover yourself because of the pool, spa, etc...