Unoccupied Property: Protecting Your Loved One’s Estate and your inheritance
Dealing with the death of a parent is undeniably tough, and often, their property becomes temporarily uninhabited. During this period, it’s vital to consider unoccupied property insurance to safeguard their estate and potentially your inheritance.
Unoccupied property insurance is an essential when a loved one’s property sits vacant. It provides peace of mind and financial security during this transitional period. Consult with an insurance professional to determine the right coverage for your situation and keep the estate safe.
The cover is flexible, offering short-term or long-term coverage options based on your needs. It typically covers risks of fire, vandalism, theft, and weather damage, and includes liability protection. Costs will vary depending on factors like location, property size, condition, and coverage duration.
Bear in mind that a standard homeowner’s insurance policy ceases on death but, if transferred to the executor, will limit or exclude coverage for “empty” properties after a specific period, usually around 30-60 days. Notify the insurer when a property becomes uninhabited due to death, and discuss the need for unoccupied property insurance to ensure continuous protection.
Put in plain words, empty properties are more susceptible to the risks of vandalism, theft, fire, and weather-related damage. Unoccupied property insurance shields the property from these threats, ensuring it remains safe and sound.
Take notice, maintenance is not usually covered by unoccupied property insurance, and you may need to take some steps to keep the property in good condition; drain the water system, secure the doors and windows, and inspecting it regularly
Check with our Financial Directions Members for more information.
