quit claim deed property and insurance claim

[krlorenz]

I live in North Dakota. I quit claimed my house to my children. The house was recently damaged by fire. I am working with the insurance company to restore or settle. Do they have to know it has been quit claimed and who should get the settlement if that is what the insurance company proposes?

 

[Zigner]

I live in North Dakota. I quit claimed my house to my children. The house was recently damaged by fire. I am working with the insurance company to restore or settle. Do they have to know it has been quit claimed and who should get the settlement if that is what the insurance company proposes?

Was the document recorded?
The owner of record of the house should get any settlement. In fact, at this point it would seem that you may be committing insurance fraud...

 

[krlorenz]

Yes the deed was recorded.

 

[krlorenz]

So are my children the owners on record?

 

[Zigner]

Yes the deed was recorded.

Then you have no further interest in the property. Once the insurance company finds out about this, they may deny the claim entirely. The owner(s) of the property should have obtained coverage.

 

[krlorenz]

I still live in the house.

 

[Zigner]

I still live in the house.

You are a tenant.

 

[adjusterjack]

Doesn't matter. Ownership changed and you concealed that fact from the insurance company. All you are now is a tenant. If you accept a check from the insurance company in your name that's insurance fraud. I suggest you call your insurance agent right now and see if the insurance company will endorse the policy over to your children as of the deed date so the claim can be paid to them.

Right now there may technically be no coverage on the house because of the concealed change.