Do I need to carry homeowners insurance on a home going through a foreclosure?
i have recently moved out of my house and let it go into forfeclosure. it has already gone through the courts.Is it necessarry to still carry home owner's insurance, even though I no longer reside in the house, nor do I have things stored there. thanks for your help
Hi Ellie93,
As long as the house is in your name, you'll need to carry insurance on it. The contract you signed with your lender obligates you. If the lender determines that you don't have insurance, they have the legal right to buy it for you, and add that cost to the amounts they are owed.
I know this isn't encouraging news. However, it sounds like the foreclosure is nearing completion. Once the house is owned by your lender, your obligation to keep homeowner's insurance will end.
I hope this helps. Good luck to you.
Buster
As long as you own the home it's important to keep it insured in your name. In addition to protecting the house the insurance also covers your belongings and includes liability protection in case someone is injured on the property while you still own it.
Do I need to carry homeowners insurance on a home going through a foreclosure?
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