Home Insurance Can Home Insurance Be Transferred To New Owners?

[kayode10]

It is a dream of every person to own a new beautiful house that is free of mortgage. There are a lot of things people are doing to achieve these goals.

There are some people that engage in continuous savings from their salaries just to have enough to make a down payment to acquire new house. And they are going to spread the remaining over a long period of time through mortgage.

Some people sell off their old building just to raise capital for the new house want to buy. This is a type of property real estate investors like to buy because it is going to be cheap.

So I want to ask that can home insurance be transferred to a new owner wants the house has been sold?

 

[Jasmine]

Insurance is a contract between you and the insurance company, the contract cannot be transferred. Once you sell your home and anything happens to the home, you cannot get the coverage as that's not your home. The new owner will get the coverage only if he has insured the home

 

[Jamoflondon]

I don’t think that is In any way possible, when the insurance was bought, it was in the name of the old owner so if the person later decided to sell the house then there will be change of informations on the documents and the insurer must surely know about it

 

[uforwealth]

I have not heard of it and don't think it is possible. As a house owner with home insurance policy, You can't transfer your own insurance policy to the new owner of the house. The new land lord or house owner will have to buy new home insurance policy voluntarily.

 

[Chibson]

I don't think it is possible because it is a contract between you and that company and like someone have said it cannot be transferred to another person. The new owner of the house can decide to enroll for a fresh insurance for the new house that he or she bought.

 

[btaliat]

Insurance policy most of the time is an agreement between the insurance company and the insured person only. But if there is need for either contingency or primary beneficiary, it will be fully covered by the two parties. So it is not possible for an insurance policy to be transfered.

 

[Good luck]

I think it is possible to transfer home insurance to another person if the person is the new owner of the home.l mean if the home has been bought or purchased from the rightful owner,then the new owner can still continue with the insurance company agreement between the old owner and of the new owner is not interested,insurance policy can be changed.

 

[Phabbyfundz]

In any contract statement be it an insurance policy or plan,it would be vividly stated the terms of the contract or insurance policy or plan you want to purchase. Should you feel the need to transfer the rights of ownership to another person is a matter you go to your insurance company and discussion and get the requirements to change the ownership of the said insurance plan.

 

[Augusta]

I believe firstly it should be about the terms of contract, the new owner might not even be privy to the insurance on the house but I don't think it can be transferred to another person. The best bet will be to get a new policy for the new home buyer

 

[Mandy96]

Obviously this is not possible, it is well stated in the policy plan because all is based on contract and everything that comes that way always have it documented because of disagreement purpose. If case like this should arises, the insurer will surely be summoned and there will be a re-do of the original deal

 

[btaliat]

I think it is possible to transfer home insurance to another person if the person is the new owner of the home.l mean if the home has been bought or purchased from the rightful owner,then the new owner can still continue with the insurance company agreement between the old owner and of the new owner is not interested,insurance policy can be changed.

This is another scenario entirely. What the poster wanted to know is whether the insurance policy on house can be transfered to a new tenant and the blunt answer shoukd be arguably no. But if the new tenant deem it fit to continue, this will now be an agreement among the old insured person, insurance company and the new tenant.

 

[Chibson]

I believe firstly it should be about the terms of contract, the new owner might not even be privy to the insurance on the house but I don't think it can be transferred to another person. The best bet will be to get a new policy for the new home buyer

Definitely this is my own perspective also because they are the different insurance companies that have different policies and also the kind of agreement reached between the insurance company and the individual. On a norm, i don't think it is important to transfer the agreement to another individual but it is still possible.

 

[Wisdom01]

It depends on the agreement that have been set by both the insurance company and the person insuring against that kind of risk , if the person insuring actually wishes to transfer the policy whenever there is a change then it would be stated and sealed , except the owner want cancelation

 

[Alexandoy]

When the insured property is sold then the new owner will assume everything that includes the insurance ownership and claims, if any. The previous owner has to execute an affidavit that he is endorsing the home insurance to the new owner as part and parcel of the purchase. Usually the home insurance is paid annually.