Q: Do the last names on home owner's insurance policy and mortgage loan/deed have to match?
My mortgage loan and deed are in my married name. In 2004, I filed bankruptcy and in the same year reverted, legally, to my maiden name. I did not reaffirm my mortgage and did not change my name on either the loan or the deed as I was told this was not necessary as long as I had my paperwork from court declaring my name change.
My home owner's insurance policy was taken out in 2007 and is in my current name, meaning it does not match my deed or loan. The loan is with BOA. Can they say that I do not have valid insurance and take my home? If something happened to my home and I filed a claim, would it not be honored?
A: It should not be a problem, but if you are worried about insurance coverage, ask the insurer to list both your current and former names on the policy. Work with your insurance agent to resolve it.
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