Hi - Here is my situation.
-Recently my mother transferred the dead of home to me (she is no longer listed on home / no mortgage on home)
-She has home insurance on the home for 2 more months (prepaid yearly amount)
-Attempted to transfer insurance to my name, however they told me she would need to cancel insurance and pay cancellation fee, then sign up for new service. I was hoping to actually get credit for unused amount, but it looks like they are looking for additional money (10% fee) which makes no sense to me.
What happens if I let that expire, and get new insurance under my name when this runs out? If something where to happen between now and new policy, would they payout any benefits to my mom, or would deny on the basis of her not owning the home?
Never bought home insurance, but what is the approx going rate? It is town home (value ~$265K), no previous insurance claims, low risk factors (no smokers, pets, etc). She was paying approx $900 with taxes.
Thanks,
John
-Recently my mother transferred the dead of home to me (she is no longer listed on home / no mortgage on home)
-She has home insurance on the home for 2 more months (prepaid yearly amount)
-Attempted to transfer insurance to my name, however they told me she would need to cancel insurance and pay cancellation fee, then sign up for new service. I was hoping to actually get credit for unused amount, but it looks like they are looking for additional money (10% fee) which makes no sense to me.
What happens if I let that expire, and get new insurance under my name when this runs out? If something where to happen between now and new policy, would they payout any benefits to my mom, or would deny on the basis of her not owning the home?
Never bought home insurance, but what is the approx going rate? It is town home (value ~$265K), no previous insurance claims, low risk factors (no smokers, pets, etc). She was paying approx $900 with taxes.
Thanks,
John