Leaving names off of a homeowners insurance policy?
My ex and I are divorcing and he MAY be keeping the house. Currently the deed is in both his name and my name and we of course have a current homeowners insurance policy.
I am moving out of the house because I can’t afford it at the moment and he is taking it over, however I intend to stay on the mortgage until he is able to obtain refinancing in his name only. At that time I will sign a quit claim for him…but not until then. I move in a few days and suddenly I have new homeowners insurance companies coming in to take photos of the house. Can he get a policy in only his name if the deed and mortgage are in both of our names?
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May 16th, 2010 at 1:04 am
Why in the WORLD would you ever sign a quit claim? Is your attorney recommending that? If so, FIRE THEM. When you sign a quit claim, you’re still on the hook for any negatives – you just give up your equity. NOT A GOOD MOVE.
Yes, he CAN get a policy in only his name, if he doesn’t tell the insurance company that your name is on the deed or the mortgage. You probably need to have it written into the divorce decree, that he keeps you on as an "additional named insured – owner". That way, you get a copy of the renewal policy every year.
If/When he refinances the house to just his name, THEN, you file an amended deed, and flat out take your name off the deed. You don’t quit claim it, unless you want to still be on the hook to pay property taxes FOREVER.
May 16th, 2010 at 1:04 am
Yes, all the bank wants to see is that the house is covered by insurance. BTW, the quitclaim removes you from the title, not the mortgage – you will be removed from the mortgage when he obtains refinancing as the refinancing will wipe out the original mortgage, replacing it with the new mortgage. And you are wise not to quitclaim until he gets refinancing.