Posted on: 17th Jan, 2009 06:58 am
Hello,
I have been negotiating a DIL on my house in Maine. My question is this, the bank has taken posetion of the property. They advised me to have the utilities shut off as they have winterized the property. Should I cancel my homeowners policy at this time?
I have been negotiating a DIL on my house in Maine. My question is this, the bank has taken posetion of the property. They advised me to have the utilities shut off as they have winterized the property. Should I cancel my homeowners policy at this time?
Hi Funkiboi!
Welcome to forums!
In my opinion, you should cancel the homeowner's policy as you are no longer the owner of the property. However, as you will be canceling the insurance policy before maturity, you may have to pay a penalty. Your insurance agent will be able to tell you about this in a better way.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
In my opinion, you should cancel the homeowner's policy as you are no longer the owner of the property. However, as you will be canceling the insurance policy before maturity, you may have to pay a penalty. Your insurance agent will be able to tell you about this in a better way.
Feel free to ask if you have further queries.
Sussane