Obtaining Insurance During Estate Administration
After the passing of your friend or loved one, you may find yourself in charge of the estate administration. As the administrator, it is important that you keep this property safe and well cared for during the process of estate administration. Part of this obligation includes obtaining insurance during estate administration.
6 Steps to Take to Obtain Insurance on Real Estate During Probate
- Contact your probate estate administration attorney. You lawyer will likely be able to assist you with contacting insurance agents who can provide you with the policy that you need.
- Obtain a copy of the homeowner’s insurance policy held by the decedent. Review its terms to determine what occurs after the death of a policyholder.
- Contact the homeowner’s insurance policy company and speak with an agent who can explain your options to keep the policy in place.
- Determine whether the existing policy’s premiums are up to date. If not, pay these amounts in order to keep the policy current.
- Contact a new company. If no homeowner’s property insurance was in place at the time of passing, contact a new company about setting up a new policy.
- Consider whether you need to increase the policy limits or otherwise adjust the terms of the policy. There may be changes depending on whether the property will be occupied during the estate administration. Also consider, whether the property is winterized and other factors.
Obtaining an insurance policy to protect the real estate of the estate is not the only important task that lies before you as administrator of the estate. Our article, “10 Tasks That Every Executor Should Complete in a California Probate,” provides more information about the tasks that lie ahead. Ready to take the next steps in administering an estate, but looking for guidance from an experienced professional? We are here to help! We encourage you to contact us today to set up your consultation.
AttorneyThe Grossman Law Firm, APC · 525 B Street, Suite 1500, San Diego, CA 92101 · (951) 523-8307