Might be better to ask an insurance agent, but we are planning on walking away from our current house (nonreaffirmed as part of Ch7) and renting a new house out of state. If I were to add umbrella insurance to my renter's policy. would that cover me for personal liability for my old home while the foreclosure process is taking place (the home will be vacant)?
Family Law Attorney
Without providing your name or providing the address of the soon to be vacant house, I would call your insurance carrier this question. You are correct that you still need to insure the property while you still own it and correct that your current policy that covers the property that is occupied will not now cover a vacant house. The reason for this is the higher likelihood of vandalism, arson, etc... when a house is vacant as opposed to occupied. You will most likely have 2 options: 1) pay more for insurance; or 2) rent the property so it is occupied and require the renters to carry renter's insurance.
The renter should be notified that the property is in foreclosure and that you will receive only a couple of week's notice (as a forclosure sale needs to be advertised in the local newspaper for 3 consecutive weeks). I know this will severely limit the pool of tenants willing to rent your house, but if you can find a tenant who agrees to rent the property despite this knowledge, it would help you pay for your homeowner's insurance and other expenses (utility bills).
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Insurance Law Lawyer
It's going to depend on the language in the policy.
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Employment / Labor Attorney
You'll need to check specifically with your agent and get an answer in writing.
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