by davis8463 » Mon Mar 30, 2009 01:24 pm
I bought a house with my daughter and son in law. They have moved and left me with the mortgage. There is damage to the house from a storm, but I found out the insurance is in their name, not mine. What can I do? I have ask them to call the insurance company, but they haven't. What can I do to get the house repaired?
Posted: Mon Mar 30, 2009 05:20 pm Post Subject:
Ask your daughter to show some respect and take 10 minutes of out her day to call the insurance company. That is about all that you can do.
You then need seriously consider your current situation. This situation is just the tip of the iceberg and as you can see, it's not working out. If they are not living in the home then you need to get your own insurance in your name so that you can protect your interest. Are they just walking away from ownership? If so, you need to see about financing the home only in your name. If it's under their names and you want to sell it you would need to obtain their signatures on the paperwork. Are they going to be willing to do this? Right now they won't even make a phone call for you. If you want to see it later on what is going to prevent them from wanting their 1/2 of the profits even though they have not been paying on the home? Again, they are not even picking up the phone for you right now.
Posted: Mon Mar 30, 2009 06:42 pm Post Subject:
You are right it is just the tip of the iceberg. They are family, but I know they have taken advantage of me. I plan on having them sign a quit claim deed. Can I get insurance in my name evenhough the house is already insured? Can a house have two policies ?
Posted: Tue Mar 31, 2009 04:00 am Post Subject:
You can, but how those policies will react to a loss is written into the policy. Most are going to split the loss between the two policies. Why would your daughter want to pay for a policy on a home she does not own? Also, if the home is financed isn't the cost of the home owners policy built into the mortgage payments? You might not be able to file a Quit Claim if the home is financed. I'd _highly_ recommend you consult a real estate attorney about this.
Posted: Tue Mar 31, 2009 06:07 am Post Subject:
Can I get insurance in my name evenhough the house is already insured? Can a house have two policies ?
Answer:
You can, but how those policies will react to a loss is written into the policy. Most are going to split the loss between the two policies. Why would your daughter want to pay for a policy on a home she does not own?
WHOAAAAAA TRIGGER..... :shock:
Wrong. :!: :!: :arrow:
Homeowner insurance contracts will normally have verbiage that prohibits other insurance, and in no case will any insurer "split the loss between the two policies" for a loss that has occurred prior to the inception of any second policy that might be purchased!
To the OP: a couple of questions and maybe we can help you out. You need to provide us with some additional information here to in order for us to give you anything that can help.
First of all, what kind of storm damage is there, how long ago did the damage occur, has any further damage occurred as a result of the original damage, and have you done anything to repair or prevent further damage?
Secondly, you mentioned that this is a house that you share a mortgage on with your daughter and son-in-law. Is your name on the mortgage? Or are you in some type of subbordinate mortgage situation or otherwise? Please describe exactly the mortgage situation; names on the mortgage, and secondary paperwork and other important info. Nothing specific as to personal financial information, please!
If you can provide us with this info, there's a good chance that you will have protection under the policy and can effect a claim. Nothing iron-clad or anything, but a good chance. A lot also depends on the circumstances surrounding the loss, so make sure you give us good details, please.
Unfortunately, because of the situation you described, I believe that your daughter and her husband are no longer contributing to the mortgage payments, either. Hopefully, this is not the case. We can help you there as well. Good luck, and get back to us.
InsTeacher 8)
Posted: Tue Mar 31, 2009 10:02 am Post Subject:
Hi, there are certain things that need further clarifications for me to get to any conclusion. You've said, you bought this house with your daughter and son-in-law - does that mean you co-own this house? You said that they've moved out and you're there with the mortgage-are they on the mortgage too?
I guess this would also help InsTeacher get an answer to his query.
Crossbreed
Posted: Tue Mar 31, 2009 11:36 am Post Subject:
right now, i think the only thing you could do is to make sure your daughter calls up the insurance company! and crossbreed asked a really good question. are they on the mortgage too? there may be some alternative methods to resolve this issue, but they're really troublesome and would require loads of paperwork. however, i still think the most fuss-free method right now would be get your daughter to call up the insurance policy.
now, about the home. what are the damages? was it fixed? how serious is it?
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