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In Reply to: Re: home owners insurance dilema posted by Ken Young on February 14, 2003 at 16:22:41:
The question here is insurable interest. The main issue would be who had an insurable interest in the home at the time of the loss. If the title is not changed over, then who is the actual owner? It cannot be your deceased grandparents, of course. If there was no will, whom is entitled to the home. If that is still you, I do not see any problem with the arrangement here. The insurance company assumed you had an insurable interest when they wrote the policy; if indeed you are entitled to the home, there does not appear to be a problem. They will probably do a title search if there is major damage, to verify interest in the propery. Then you may have to employ an attorney to change over the title and possibly legally prove that you had an insurable interest at the time of the loss.
Of greater possible problem is the question of the cause of loss and was the house vacant and unoccupied. Many policies limit coverage if the home is vacant over 30-60 days. If the vacancy was material to the cause of loss, there may be coverage problems, but your policy language will govern these.
Ask you agent for assitance first, and hopefully he will be able to sort this out for you.
: THE PROPERTY IS INSURED, NOT THE OWNER.
: MOST LIKELY YOU WILL FIND THAT THE COMPANY WILL DRAFT THE CHECK TO THE MORTGAGE COMPANY (IF ANY) AND THE PERSONS WHOSE NAME IS ON THE TITLE OF THE DEED AND POLICY.
: IF YOU HAVE EITHER POWER OF ATTORNEY OR YOU WERE THE TITLED OWNERS PLENARY GUARDIAN, YOU SHOULD NOT HAVE ANY PROBLEM IN COLLECTING SINCE YOU HAVE STATED THAT YOU NEVER GOT AROUND TO CHANGING THE TITLE INTO YOUR NAME WHICH OF COURSE YOU WOULD HAVE TO PROVE YOU HAD THE AUTHORITY TO DO.
: THE ONLY THING THAT MAY CAUSE YOU A PROBLEM IS, I BELIEVE THE CONDDITIONS AND TERMS OF THE CONTRACT MAY STATE THAT YOU WERE REQUIRED TO NOTIFY THE COMPANY IN A CERTAIN AMOUNT OF DAYS OF THE CHANGE IN OWNERSHIP WHICH OBVIOUSLY DID NOT.
: MY OPINION IS THAT IF THE COMPANY CONTESTS THE CLAIM, THE BURDEN OF PROOF LAYS ON THE HEAD OF THE COMPANY AND NOT YOU TO PROVE THE COMPANY WOULD NOT HAVE ISSUED TO YOU A POLICY ON THE DWELLING.
: MY GUESS IS THAT YOU SHOULD NOT HAVE ANY PROBLEM IN COLLECTING FOR THE DAMAGE.
: XXXXXXXXXXXXXXXXXXXXXXXXXXXX
: : Hi,
: : Can anyone tell me if I am covered for the following...
: : I have lived in my grandparents home ever since my grandfarther died to take care of my grandmother, when she died in 1990 my mother(divorced) had a stroke and I moved her into my grandparents home and took care of her till last year when she had to go into a nursing home. We my grandmother died I changed the home owners policy to my name and have paid the premiums ever since. The problem is that I never got around to changing the the title of the home over. It is still in my grandparents names who are both deceased. There was a fire at the home two days ago, major damage. Is the home still covered under the policy, even though my name is not on the deed.
: : Thank you