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How long to keep insurance during foreclosure

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tmbatts

Junior Member
What is the name of your state (only U.S. law)? Ohio

My home is in foreclosure. How long do I have to maintain homeowners insurance in Ohio? Until the judge signs the order of foreclosure or until the sheriff's sale?

I would think that once the bank takes possession (judge signs judgment) it is no longer my problem. Am I right?
 


moburkes

Senior Member
Do you live in the home? Do you need the liability coverage provided by the insurance? Or the medical payments? Or the contents coverage? If so, keep it until you move. When you move replace it with renters insurance.
 

tmbatts

Junior Member
Yes, I plan on doing that for protection of my personal property, but how long am I required to maintain it? For example, if I find a new place prior to the auction can I cancel the policy and not have to worry about being held liable for damages if any occur to the property after the judgment is entered but before the auction is held?
 

moburkes

Senior Member
I'm not sure, honestly. But until you are no longer the owner of the property. In any case, you're only responsible for damage YOU cause, not damage caused by others, but if it is vandalism, and you're still the owner...

Also remember that if the property is vacant for more than 30 days (under YOUR ownership) your insurance wouldn't cover the vandalism anyway.

I would wait for the sale, but that's just me.
 

FlyingRon

Senior Member
If you cancel the insurance prior to the sale, the bank may purchase forced insurance and add that to whatever else they are going to come after you for.
 

JustAPal00

Senior Member
If you cancel the insurance prior to the sale, the bank may purchase forced insurance and add that to whatever else they are going to come after you for.
Not to mention, the bank is going to come after you for whatever the loss on the property is. Any damage caused prior to them taking possession will be held against you. Can you surrender the keys to them early?
 

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