Insurance in a wrap

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Posted by Tom on October 12, 2009 at 19:38:05:
In a wrap around, how is the insurance handled? Does the seller take the payment from the buyer and apply it to the existing loan, taxes, and insurance? The reason I ask is, if the buyer negligently operates a faulty furnace and the house burns down, can the insurance company refuse to cover the claim citing negligence and the fact that the seller did not tell them the house was sold and no longer occupied by the person on the policy?

Follow Ups:

Re: Insurance in a wrap- maintain it Michael Morrongiello 00:59:45 10/13/09 (3)

Re: Insurance in a wrap- maintain it jimi 07:33:30 10/13/09 (2)

Wraps and Hazard Insurance Michael Morrongiello 12:10:28 10/13/09 (1)

Re: Wraps and Hazard Insurance jimi 12:39:12 10/13/09 (0)

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