Do I Need To Insure My Deceased Parent’s Home?
Posted on 12th March 2020
It’s a sad fact of life that, at some point, all of us will die. When you lose your loved one, whether that by your parent, or your friend, or another family member, it’s important to ensure that their assets are dealt with correctly. If they have property, as their Executor or Administrator (known as the Personal Representative), you will need to ensure that their property is fully insured.
Do I need to insure the property?
After a person passes away, it’s important to ensure that their property is fully insured. As the Personal Representative of the deceased’s estate, you are responsible for looking after the property like it is your own, and in the best interests of the beneficiaries of the estate (whether this is you, or other named individuals, or organisations, such as a Charity).
There are many types of house insurance you can get, depending on whether the property is occupied or unoccupied, and you will need to consider which type best suits the circumstances.
What information do I need to insure the property?
Depending on who you decide to insure the property with, will depend what information they required.
First of all, most insurers will require a valuation of the property to be carried out. Fortunately, this will be needed for the application for a Grant of Probate or Letters of Administration, too, so you can use any valuations for both purposes. Generally, our team of Probate Solicitors in Preston would suggest having three separate valuations carried out. This way, you can consider all the valuations and take an average for Probate purposes and the insurance.
Other insurers will require more in-depth information about the property, such as the number of rooms, the security (i.e. door locks, window locks, etc.), the location of the property, the material it is built out of (i.e. the percentage of flat roof the property has, and the material used on the property exterior, such as brick), and how long you expect the property to be insured.
How much will the insurance cost?
Again, it depends on the property, but this could be a couple of hundred pounds, or more. It will depend on the circumstances.
Can my Probate Solicitors in Preston obtain insurance on my behalf?
Yes, as your Probate Solicitors in Preston we would be able to obtain insurance on behalf of the Personal Representative of the estate.
For example, in one recent case, after making enquiries will a variety of insurers, we obtained a specific Probate Insurance on behalf of our client.
Whilst the premium was slightly more expensive than the other quotes we obtained, our client decided to utilise a Probate Insurer that charged a flat fee of £60.00 plus VAT, per month on a rolling contract.
The perks of this policy? The insurer required no information about the property, except for confirmation of whether the value was under one million pounds and that it wasn’t a listed building. In addition, the client was able to pay any outstanding invoices in one lump sum, after the property had been sold, preventing a lay-out of costs before the estate was ‘in funds’ (i.e. the money was available to make any payments). The policy runs on a 30-day basis, and therefore could be cancelled at the end of any 30-day period, without incurring additional admin fees.
Whilst this may not suit everyone’s needs, this policy was perfect for our client as it allowed flexibility and payment at the end, and there was no requirement for property inspections to take place, which meant that there was no obligation for our client to constantly check the state of the property. Finally, if client wanted to make a claim, the broker would deal with this on our behalf – preventing any added stress or time-consuming tasks for our client!
How do I instruct you to obtain this insurance on my behalf?
MG Legal – Your Local Solicitors
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