Judi’s aunt died several months ago and the family has been
in the process of settling the estate. The
aunt owned her own home and many of the nieces and nephews have taken various pieces
of furniture out of the house. Interestingly,
the home owner’s insurance company has been on Judi’s back to put the home up
for sale sooner rather than later. Since
spring is a better time to show a home, she thought she could wait. The company has other ideas. I checked with my own insurance company and
here’s what I learned.
If a home is vacant- no furniture- then the company will not
insure the structure for vandalism after 30 days. If someone other than the owner or spouse
lives in the house, the house becomes a rental property and the appropriate
insurance needs to be purchased. This is
so far afield from what I assumed- that as long as the premium was paid, the
structure was totally insured. Three
things I learned today: 1) read the home
owner’s insurance policy to learn about coverage when the owner dies, 2) prepare to sell the home as quickly as
possible and 3) make sure the insurance is up to date.
Insurance policies differ from company to company/state to
state and it is a good idea to check out the insurance of any property for
which you become responsible.
While I was on the phone with my insurance company, I asked
what happens to auto insurance when the driver dies. I was told that “someone” should call the
company to let them know of the death and to let them know who will be driving
the car- even if it is only for a few months until both the car is sold and the
title transferred or the title is transferred to someone per the will.
This is one more reason to be sure that loved ones know
the name and phone number of the insurance companies.