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House insurance during probate
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What is house insurance during probate?
Probate is the process in which you (as executor of a will) are granted authority and legal right to deal with a deceased person’s estate – that is to say, receive and make payments in the name of that estate.
If the estate is especially small – say, less than £5,000 in value – probate is unlikely to be needed, but if it is greater, probate may become a more involved process and take a relatively long time to conclude.
One of the reasons for this, and the reason why many estates involve considerably greater value, is because of the deceased’s ownership of such a major asset as property – the home they lived in, for example.
Why do you need specialist house insurance during probate?
During the period of probate, property remains in the ownership of the deceased’s estate – until its future is determined in accordance with the will.
But that property – both the building and its contents – still needs the protection of insurance against the common, potentially substantial, risks of fire, flooding, storm damage, theft, vandalism and the like.
Indeed, house insurance after death of the policyholder is one of the duties of anyone appointed as an executor of the deceased’s will and estate.
During probate, it is not appropriate to attempt a simple transfer of the existing home building and contents insurance likely to have been arranged by the deceased. Such insurance is also likely to be inadequate for a property that, in all likelihood, is probably going to stand empty and unoccupied during the probate period.
That is just when regular forms of home insurance reflect the added risks and perils typically faced by an unoccupied property and insurers generally restrict or remove standard cover altogether once it has been empty for a period of between 30 and 45 days (the precise period varying slightly from one insurer to another).
That is why comprehensive cover for the building needs to be restored with specialist insurance for executors of estates – protecting the property which remains in probate and helping to meet the executors’ duty to ensure that the property is safe and secure.
This form of home insurance during probate has the additional advantage of flexibility in its duration of cover. Probate may become complicated and involved, with no one being able to predict with any certainty when the process is going to be complete.
Flexible house insurance after the death of the policyholder may be adjusted and extended to meet the changing deadlines for the completion of probate – and ensure that the property remains adequately safeguarded.
Why choose us at UKinsuranceNET?
You are likely to choose UKinsuranceNET simply because of our expertise and experience in this niche of the insurance market. We understand the worries and concerns of those with the responsibilities of executor – a role that many might be taking on for the first time – and are able to help steer our clients through some of the insurance complications of probate.