Submitted by Elbarco from CA - 01/03/2012 - 4:03pm

If there was an insurable loss at a property, lets say its trees blown over in a storm or pipe the burst or something similar. The property insurance was in effect. The house is sold at auction to a buyer. Buyer contacts now former owner and obtains property insurance information and submits a claim for the damage. Any chance the insurance will cover the loss? Take it a step further and assume the former owner will even sign an assignment of his claims/rights. Any thoughts?

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Comments

Submitted by Michelle - 01/04/2012 - 1:03pm

Hi Elbarco,
This is a good question for an insurance agent. Is there something in the policy that says the policy terminates if the property is sold or transferred? Somehow I believe that the insurance company would find a way to deny this claim. Also keep in mind that the lender would be listed as additionally insured on the policy. Not sure that they would be willing to assign their rights/claims.

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