I have bought a house. The earlier owner had a fire insurance policy for it. This is still in his name. Can it be transferred in my name? If yes, what is the procedure? The fire insurance policy issued in the name of previous owner cannot be transferred in your name. You will, therefore, have to buy a fresh policy in your name. The previous owners, however, can cancel the policy and claim the refund. The insurance company will retain the premium on the short period scale and refund the balance.
