There are many aspects that an executor must manage after the death of a loved one. And while you are grieving the loss, if there is a house, it is often one of the first places you visit and immediately start thinking…what are my responsibilities?
While it may be apparent that the utilities must be paid and the property secured, one item that often arises is how to handle the insurance. A challenge may exist to find out if the house is insured and what coverage exists. As the executor, you may want to look through the important documents of the deceased, including any mortgage paperwork, to ascertain if the homeowner’s policy is in effect and paid to date. It is recommended to have the policy in effect during estate administration as the executor has a fiduciary duty to protect the assets of the decedent. If a fire, flood, or theft may occur, there may be an opportunity for a claim to be filed.
So the question presents itself as how to title the policy. It is best to speak with the insurance company or agent for options as to who must own the policy and whether any of the coverage terms will change. Key considerations include:
- Policy Type
- Ownership Requirements
- Vacant Home Policies
- Coverage Riders
Eventually, when the property is distributed, the new owner will secure their own coverage. Proactive communication with insurers ensures clarity and safeguards one of the estate’s most valuable assets.
For more information, please join us for an upcoming FREE seminar. If you have questions or concerns about your estate plan, contact the experienced estate planning attorneys at Sinclair Prosser Gasior by calling (410) 573-4818 to schedule an appointment.
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