Question
What is the name of your state? New York
My husand inherited his fathers estate in 1999. We live in the home now. The estate was never changed to my husbands name due to the mortgage company wanting to up the rates. Our mortgage will be paid in 2008 so we don't want to change that. So the house and insurance are in his fathers name.Our homeowners insurance wants to cancel our policy because they just found out his father has passed away. They say that the home needs to be in my husbands name. And that we may need to go to 'renters' insurance. Can they do this? What actions do we have? I think his father may have gotten senior/vet discounts. We have been paying the insurance for the whole time. They say they were 'wondering' why the checks were coming from my husband. (I would think they would have 'wondered' about this back in 99!).
Is there a way to have the home changed to our name without being penalized?
Any help would be appreciated...
Signed,
A Concerned Wife in New York
Answer
You have at most 21 months left on the mortgage. You should be able to finance enough to pay off the note. Even if the rate is higher, it's better then being left without insurance or having to pay both house and renters insurance. If the home insurance company drops coverage, the bank may call in the note anyway or provide their insurance, which will cost you more in the long run.
Answer
What is the name of your state? New York
My husand inherited his fathers estate in 1999. We live in the home now. The estate was never changed to my husbands name due to the mortgage company wanting to up the rates. Our mortgage will be paid in 2008 so we don't want to change that. So the house and insurance are in his fathers name.Our homeowners insurance wants to cancel our policy because they just found out his father has passed away. They say that the home needs to be in my husbands name. And that we may need to go to 'renters' insurance. Can they do this? What actions do we have? I think his father may have gotten senior/vet discounts. We have been paying the insurance for the whole time. They say they were 'wondering' why the checks were coming from my husband. (I would think they would have 'wondered' about this back in 99!).
Is there a way to have the home changed to our name without being penalized?
Any help would be appreciated...
Signed,
A Concerned Wife in New York
Absolutely they can do this. They agreed to write an insurance policy on a specific person based on his credit, his claims history, and his house. Since he no longer owns the house, the insurance risk has changed. Your credit, your claims history, and the fact that you don't own the house, means that you aren't a candidate for home OWNERs insurance. Get it? Your choices are to find someone to insure a home that you don't own, and to find another policy to insure your belongings in case they are damaged or stolen. Think about it. In a claim situation, the check will be written to the person who passed away. You are lucky that nothing has happened. You could have lost this home to the mortgage company, and would have received no compensation for damages.
You can have the home changed to your name by allowing it to go through probate.