USAA is dropping homeowner insurance soon. Ideas for coverage?

[cofer22]

Hey everybody!! It's been long time since I last posted, but things are definitely looking up post BK7. Life is good!

I got a letter today from USAA to inform me that they are going to drop my homeowner policy effective 4/30/13. They suggested I give Foremost a call. Does anybody have an opinion on this company, or have any other recommendations on liability insurance on the home. The home is in Idaho, and we now live in Colorado. It's been vacant for 8 months with no sign from Chase that they are going to Foreclose any time soon. Chase must love to drag things out. F@#$ers.. GRRR.

Thanks again

Jeff

[ohheckno]

Hi Jeff! My insurance agent suggested either Foremost or American Modern Insurance. She's going to get me a quote from American Modern. My homeowners insurance runs out 4/20/13. Good luck! Keep us posted.

[AngelinaCat]

American Integrity advertises that it provides coverage for vacant dwellings here in Florida. I do not know if they are located in any other state.

Good luck!

[ValleYum]

We just let Chase put their own coverage on the dwelling and bought an umbrella liability policy from USAA. It was super cheap for a year (I want to say about $200 for $1M liability but definitely under $500 for the year). Last payment to Chase was September 2010 and we moved out and started paying rent in October 2012.

No foreclosure action. They are aware it is vacant. They have sent someone in to winterize - changed back door lock but not front lock. Weird. I am in touch with someone at the VA this week about forcing their hand to foreclose or take a DIL without the paperwork and BS of a short sale attempt (I hope).

Chase can take their house back ASAP or simply pound sand and kiss my glass.

Good luck to you!!!

[tobee43]

valle, i wish you good luck with that, and please let me know if you have any success with it. i have been trying with chase for years now.

i couldn't get any insurance company in nj to cover the house since it wasn't owner occupied. tried and tried. i now, or heard or read...and understand that chase only has 6 years and they have lost the PMI, MI MPI or whatever you want to refer to as, with the FHA with HUD...so chase will not be able to collect on the house. makes NO sense to us. now i hear all these horror stories years down the road the towns, counties, cities, or whatever going after the owners of the houses that were included in bk and the bank didn't want them, even though the owners were served with papers to get out.

and the worse thing is chase doesn't let or wouldn't allow a short sale either.

[cofer22]

Chase hasn't allowed a short sale for us on that property either. I'm going to talk to USAA about a umbrella policy..

[tobee43]

cofer22 our house went automatically under chases umbrella policy for hazard insurance. i don't know about liability, i think really, they changed the locks and took possession of our house a few years back, but then stopped the up keep. and, although when we left we had posted signs (which is legal where that house is of no trespassing, do not enter etc.) which i'm certain they are all down now. we are somewhat fortunate as there is no city, town ordinance about mowing one's lawn etc. actually, where the house is you could have a junk yard in your front yard and no one can say a word to you. actually it's out in the county and we lived in a "township" not a town. i think our house is caught up in the REO scam and the banks are just holding and holding to keep the loan on the books so that they don't have to claim such a loss.

we believe chase has been paying the taxes since i'm certain the town would have gone after us at some point for the taxes.

[ohheckno]

At our 341 meeting, the trustee asked my attorney who my mortgage company was and when my attorney told him, "Chase," the trustee rolled his eyes and groaned. When I asked my attorney what he thought of Chase, he said, "TERRIBLE." I guess that says it in a nutshell, eh? I just want them to get the flippin' house out of my name as soon as possible. We have a great apartment in a nearby city and once my belongings are all out of there, they can have it!

[cofer22]

I just talked to Chase today and they will be taking over covering the house with homeowner insurance while the foreclosure process takes place. The representative told me that the forclosure process is on hold for the time being. Whatever that means. Going on 2+ years of not paying a mortgage... Wow talk about dragging things out. Our other properties we let go after BK7 were in a resort town and they moved fast on them... Crazy..
Now regarding liability insurance. Although Chase is picking up insuring the home, do I still need to get some liability insurance? Are you folks in the same situation doing that? USAA and Foremost don't have any policies that they offer just for that.

[df04527]

I believe the bank will only cover their interest in the event of a problem. this means if the house is still in your name and there is some kind of a slip and fall or something else, you will be responsible.

[ValleYum]

I just talked to Chase today and they will be taking over covering the house with homeowner insurance while the foreclosure process takes place. The representative told me that the forclosure process is on hold for the time being. Whatever that means. Going on 2+ years of not paying a mortgage... Wow talk about dragging things out. Our other properties we let go after BK7 were in a resort town and they moved fast on them... Crazy..
Now regarding liability insurance. Although Chase is picking up insuring the home, do I still need to get some liability insurance? Are you folks in the same situation doing that? USAA and Foremost don't have any policies that they offer just for that.

Call USAA and ask them for information on an umbrella liability policy. Don't ask for coverage for an empty house because they do not have a specific product just for that.

This policy won't cover the house structure but if someone falls or hurts themselves at the house and your name is still on the deed and you are sued - it will give you coverage against liability. If you have a car accident and someone sues you for more than the auto policy limits or your dog bites a child and you are sued for more than your renter's insurance limits - the umbrella liability policy will help you in these instances, too. It even had a clause where it covered some instances of libel and slander!

USAA does require your limits of liability on your auto policy be set at the high end (300/500) in order to do this.

I just bought this umbrella liability policy from USAA in September 2012.