Legal Question in Insurance Law in Florida
Can State Farm Remove me from a homeowners policy
Can State Farm remove me from a home owners policy if I am still co-borrow on the property where the loss occurred(fire)and a quitclaim deed was signed months after the loss?
The other borrower is trying to keep all the insurance proceeds, yet I am on the mortgage and am afraid he wont repair the home, and the mortagage company will come after me, I signed a quitclaim deed last year like a fool and now its a battle with the Ins Company.
Do I have any recourse against the insurance company if they remove me. I still have an insurable interest in the property because my credit is what got the home.
Please advise.
2 Answers from Attorneys
Re: Can State Farm Remove me from a homeowners policy
From my reading of your question, you were an owner at the time of the fire. Any personal property you owned in the home and lost at the time should be covered. You should be paid for that. Usually in these cases the insurance company will make a check out to the insured and the mortage company jointly for damamge to the dwelling. You may want to check with the insurance company adjuster to see if that is the case here. YOu may also want to place the mortage company on notice of this situation.
Re: Can State Farm Remove me from a homeowners policy
Yes. You are not an owner.
Related Questions & Answers
-
Loss of Use or Loss of income In Florida, do I owe loss of use if our insured... Asked 4/15/04, 2:13 pm in United States Florida Insurance Law
-
Being sued for $10,000 from a car insurance co. I am being sued for $10,000 by... Asked 3/29/04, 10:12 pm in United States Florida Insurance Law
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
