by misc.charity » Wed Sep 01, 2010 12:21 am
Hi,
My mother own a home in texas. I reside in that home and take care of all the related costs. Now can the home insurance be under my name (though i am not the owner). My mother does not have a credit history and she is not a texas/us resident. Will the rates be higher if the insurance is in her name as opposed to mine (provided it's allowed) just because I have very good credit history?
My mother own a home in texas. I reside in that home and take care of all the related costs. Now can the home insurance be under my name (though i am not the owner). My mother does not have a credit history and she is not a texas/us resident. Will the rates be higher if the insurance is in her name as opposed to mine (provided it's allowed) just because I have very good credit history?
Posted: Wed Sep 01, 2010 11:26 am Post Subject:
Im just curious to know if you're facing any problem regarding this fact that the insurance is not in your name?
I guess your home insurance is gonna stay in effect till the point it was scheduled to expire. I don't have any reason to believe that it could lead to any real problem if your name isn't mentioned in the insurance papers.
Posted: Wed Sep 01, 2010 11:29 am Post Subject:
No, don't think so...if Mom is open to putting your name on the house as well, then we have a ball game
Posted: Fri Sep 10, 2010 11:21 am Post Subject:
if Mom is open to putting your name on the house as well, then we have a ball game
Perhaps I missed out on this one. Lori, would you please care to explain a bit to me!
Posted: Fri Sep 10, 2010 04:03 pm Post Subject:
The answer depends on the company you are insured with. Some carriers in Texas will allow you to write a true homeowners insurance policy when the home is owned by one person (your mother) and occupied by an immediate family member (you). Immediate family members include parents, children, brothers and sisters. At one time, when Texas homeowners insurance was written on the HOB form, all companies would issue a policy in this situation.
Many companies in Texas are now writing home insurance on what are called ISO forms and they do not generally allow for this special set of circumstances. They would treat this like a rental property. Your mother would have to buy the coverage on the structure of the home and you would have to buy a renters policy to cover the contents.
Either way, the policy would have to be written in your mothers name since she owns the property. Unless, you are able to put the home in your name as Lori mentioned.
Your best bet would be to find a company that does not rely on credit scoring and would be willing to insure the home in you mothers name.
If you would like to send me a PM, I will be happy to give you some suggestions. We are also located in Texas.
Posted: Mon Sep 13, 2010 02:53 pm Post Subject:
Either way, the policy would have to be written in your mothers name since she owns the property. Unless, you are able to put the home in your name as Lori mentioned.
The legal concept, Rupert, is called INSURABLE INTEREST. Most states' insurance laws require that insurable interest is present when a contract is created and at the time of a claim. No insurable interest, no contract of insurance or claims payment.
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