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| *Loan,banking and credit>>>homeowner insurance |
Can you assign a homeowner's insurance policy? |
Can you assign a homeowner's insurance policy? You can assign someone as having an interest in the property such as a Contract Seller or Homeowner's Association. By doing this the assignee will receive notice if your policy is going to lapse or renew. It's a simple endorsement on your policy. No. A homeowner policy is usually underwritten for the buyer/owners in question only. When a home is sold to a new prospective buyer, the new buyer must then qualify and have his/her own new homeowner policy underwritten by the insurance company using personal information provided by the new buyer (i.e. ss#, prior residence address, any previous claims history, and most importantly, all current data regarding the home). highly unlikely. it's basically a contract and unless the contract says "or assigns" it's not assignable without writen consent of the other party, in your case the insurance company. it would be highly unusual for this language to appear in the policy, declaration or contract. while you could ask to asign the policy, you'd probably just be openig up a can of worms you don't want to mess with. in short, if you want to change the policyholder, talk to the agent and ask to rewrite the policy exactly the same if possible and they will more than likely do it, assuming you aren't trying to be slick on them or something. i write contracts as a large part of my business and do quite a bit of insurance work also. |
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