Can I insurance property/home that is in another persons name?
You ain’t drunk, till you’re Tickle drunk
23 Sea Hunt “My Last Boat V”
Unless I am missing something, why bother? If the house gets destroyed and rebuilt you still would not own it.
Why not just pay for their policy? Im assuming its a family member.
Scenario:
Mom/Dad gift house to kid. Mom/Dad have Insurance on house.
You ain’t drunk, till you’re Tickle drunk
23 Sea Hunt “My Last Boat V”
You should be able to.
It’s almost like paying the utility bills for them with the account being in there name.
Call the insurance Company and ask if you are unure on what to do.
Double D.
Definitely going to check with insurance company. Just thought I would through it out there here, since I know some of ya’ll know the answers.
You ain’t drunk, till you’re Tickle drunk
23 Sea Hunt “My Last Boat V”
I seriously doubt as you do not have an insurable interest, gifting is one thing passing title is the legal change of ownership.
Does anyone know for sure?
I agree with the above, I doubt it. But why does the insurance company care?
You ain’t drunk, till you’re Tickle drunk
23 Sea Hunt “My Last Boat V”
Insurance company has many reasons to care. Why would someone insure a property they do not own? For a start how about burn it for profit. How many people would file a claim? The deed holder or someone who received it as a gift. Was it vacant or occupied? Big difference on contents coverage. Is it a legal contract(policy) to begin with, was the producer doing business in good faith and using due diligence as to ownership, value and condition?
The question will be one of insurable interest in the property. I don’t know if you’ll be able to put the policy in your name unless your name is on the deed/title. You may be able to be a co-insured if you have some interest.
I used to see a lot of “buy for” loans with some banks. Mom or Dad or uncle ( I even saw a church member co-sign for a mobile home loan and had no idea he was an owner )would sign for the loan and they would be considered the name insured under the policy. When a claim was filed, the person on the contract/lien/title got the insurance claim check. That was no problem for some folks…it was a nightmare for some people.
I’d think you could insure the house under the name of the owner and you could pay the policy premium. You probably will not be able to put the policy into your name or the name of the tenant/occupant unless they own the property.
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quote:
Originally posted by Fishb8Scenario:
Mom/Dad gift house to kid. Mom/Dad have Insurance on house.
Hopefully this is help clear up my question some.
When mom/dad owned the house, they had insurance on it. then mom/dad gifted the deed to the kid.
So the deed is in the kids name, thus the rightful owner.
mom/dad still have same insurance policy on the property(property is paid for).
Can mom/dad keep the current insurance and have coverage? Or does the kid need to get new insurance?
You ain’t drunk, till you’re Tickle drunk
23 Sea Hunt “My Last Boat V”