When a property owner passes away, managing the property and understanding how insurance is affected can be a complicated process. Whether you’re an executor of an estate or a family member inheriting a property, it’s essential to know what steps need to be taken to ensure the home remains protected. In this article, we’ll explore the necessary actions for managing property and insurance after the owner’s death, and how to avoid potential issues that may arise during this period.
Notifying the Insurer and Exploring Insurance Options
One of the first steps after the property owner’s death is to inform the current insurer of the situation, while also exploring potential insurance options suited to the new circumstances. Standard home insurance policies typically don’t extend to properties that are unoccupied for extended periods, which can leave the home vulnerable to risks like theft, vandalism, or weather-related damage. Getting a quote for unoccupied property insurance helps ensure the home remains fully protected while it’s unoccupied during the transition period.
For properties that may be unoccupied for an extended period during probate, unoccupied property insurance is crucial for covering specific risks. This type of policy is designed to protect the home from potential damage while unoccupied. For more details on this type of coverage, you can read our article on Unoccupied Property Insurance.
Ensuring the Property is Secure
When a property is left unoccupied, it may be more susceptible to risks like theft or vandalism. Securing the property is an important step in protecting it. Here are some recommended actions:
- Change the locks: This ensures that only authorized individuals have access to the property.
- Install or update a security system: Adding monitored alarms or cameras can help deter intruders.
- Arrange regular property inspections: Having someone check the property on a regular basis helps to monitor any changes or potential risks, especially during extended periods of vacancy.
Getting a Quote for Unoccupied Property Insurance
If you’re inheriting the property or acting as an executor, you may need to secure a new insurance policy that’s suited to the property’s unoccupied status. Many insurers require unoccupied property insurance to cover potential risks during the probate process, and it’s essential to review the level of coverage the home needs.
For older properties or homes with distinctive features, non-standard home insurance may be more appropriate. These specialized policies can offer coverage for properties that fall outside traditional insurance categories. To learn more, see our article on Non-Standard Home Insurance to ensure your property is adequately protected.
Managing the Property During Probate
While a property is in probate, it’s generally considered unoccupied, which poses additional risks. During this period, basic maintenance is essential to avoid damage or hazards. Insurers typically expect certain measures to be taken for unoccupied properties. Here are some key steps:
- Turn off the water supply: Prevent potential water damage by turning off the water. This minimizes risks from leaks or flooding.
- Maintain a minimum indoor temperature: Keep the thermostat at a minimum of 15 degrees Celsius to prevent pipes from freezing, especially during winter. Frozen pipes can lead to costly repairs and can impact your insurance claims.
- Routine upkeep: Ensure tasks like keeping the garden tidy, clearing gutters, and checking for leaks are performed regularly to maintain the property’s condition.
Keeping up with these steps helps safeguard the property and may prevent an increase in insurance premiums due to neglect-related risks.
Selling the Property After Probate
If the decision is made to sell the property after probate, it’s important to maintain insurance coverage until the sale is finalized. Any lapse in coverage could expose the property to risks and potentially reduce its market value. Continuing with unoccupied property insurance ensures comprehensive protection until the new owners take possession and secure their own policy.
Handling Liability Issues
Liability insurance is another consideration following the property owner’s death. If someone is injured on the property during the probate process, liability coverage protects against potential claims. This coverage is essential to safeguard the estate and future owners from legal and financial liabilities.
For further guidance on property management and insurance, explore our blog where we cover a variety of related topics.
Contact Us
The period following the death of a property owner can be complex and emotional, making it essential to have the right protections in place. From securing unoccupied property insurance to regular property upkeep, taking these steps can help prevent complications. For tailored insurance solutions, reach out to one of our experienced brokers at Carbon Insurance Brokers.
Understanding these essential insurance needs can make the transition smoother and provide peace of mind, ensuring the estate and property are fully protected.
