Insurance for vacated property

[DeniseSC]

What is the name of your state (only U.S. law)? NC

I have been owner financing a house under a contract for deed for about 2 1/2 years. Three months ago the purchasers moved out and stopped paying their mortgage. They also let the insurance lapse and did not pay the annual taxes when due. They have ignored my attempts to contact them and I am beginning the foreclosure process. My concern is that this property does not have insurance at present and because I am not the owner of record at the moment I cannot find an insurance company that will cover the home. I know with the glut of foreclosures on the market, there must be companies that handle these types of policies. Any suggestions would be greatly appreciated.

 

[HomeGuru]

What is the name of your state (only U.S. law)? NC

I have been owner financing a house under a contract for deed for about 2 1/2 years. Three months ago the purchasers moved out and stopped paying their mortgage. They also let the insurance lapse and did not pay the annual taxes when due. They have ignored my attempts to contact them and I am beginning the foreclosure process. My concern is that this property does not have insurance at present and because I am not the owner of record at the moment I cannot find an insurance company that will cover the home. I know with the glut of foreclosures on the market, there must be companies that handle these types of policies. Any suggestions would be greatly appreciated.

**A: you are way off. You indeed ARE the owner of record as the legal titleholder, so get your insurance right away.

 

[DeniseSC]

That is what I would have thought, but the insurance company pulled the county record and what they have states that the purchaser is the owner, so that is what they are going by.

 

[HomeGuru]

That is what I would have thought, but the insurance company pulled the county record and what they have states that the purchaser is the owner, so that is what they are going by.

**A: either you are not providing the correct info or the insurance company people are idiots.

 

[DeniseSC]

*A: either you are not providing the correct info or the insurance company people are idiots.

Thank you.. I suspect it is the latter!

 

[allfiredup]

Foremost Insurance Group- they offer vacant dwelling coverage in NC.

Foremost Ins Group (owned by Farmers Ins Group) is the largest insurer of vacant homes here in Georgia and they also operate in NC. A 'vacant dwelling' policy is significantly more expensive than a regular homeowners policy, but it's one of few companies who will insure this type of risk.

You can go to the Foremost website and locate an agent in your area. I would suggest contacted several of them because they are all independent agents and may have other options for you.

Good luck!

 

[divona2000]

...I have been owner financing a house under a contract for deed...because I am not the owner of record at the moment I cannot find an insurance company that will cover the home...insurance company pulled the county record and what they have states that the purchaser is the owner...

Did you sign the deed over to them?

 

[tammy8]

American Modern will also insure vacant property in NC.