6 Steps on How to Make Sure Real Estate Is Insured During Probate
The Grossman Law Firm, APC · · (951) 523-8307
If your friend or loved one has passed away, you may be left in charge of administering his or her estate. It is very important that you keep this property safe and well cared for. Additionally, part of this obligation of caring for the property includes making sure that the estate remains covered by a valid insurance policy. If you are wondering how to make sure real estate is insured during probate, keep on reading to learn more.
6 Steps to Take to Obtain Insurance on Real Estate During Probate
- First of all, contact your probate estate administration attorney. Your lawyer will be able to assist you with contacting insurance agents. They will be able to provide you with the policy that you need.
- Then, obtain a copy of the homeowner’s insurance policy held by the decedent. Review the policy’s terms to determine what occurs after the death of a policyholder.
- Furthermore, contact the homeowner’s insurance policy company. Speak with an agent who can explain the different options regarding keeping the policy in place.
- Determine whether the existing policy’s premiums are up to date. If they are not, pay these amounts in order to keep the policy current.
- Additionally, contact a new company. What if no homeowner’s property insurance was in place at the time your loved one passed away? We would advise you to contact a new company about setting up a new policy.
- Finally, consider whether you need to increase the policy limits or adjust the terms of the policy. There may be changes depending on whether the property will be occupied during the estate administration, whether the property is winterized, and other factors.
In conclusion, obtaining an insurance policy to protect the real estate of the estate is not the only important task that lies before you as the person in charge of the administration. Our article, “10 Tasks That Every Executor Should Complete in a California Probate,” provides more information about the tasks that lie ahead. If you have further questions about how to make sure real estate is insured during probate, we are here to help. We encourage you to contact us today to set up your consultation.