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Inheriting a house after the loss of a loved one can be both financially beneficial and headache-inducing trying to navigate the murky waters of insurance and tax implications. For many, inheriting the home of their parents or another family member becomes their second residence – unless they need an immediate place to live. When it comes to insurance, the deceased person’s policy does not automatically continue offering coverage on the home for a couple of reasons. First, if you are not planning to live in the home as your primary residence then it is unlikely you will qualify for a traditional homeowner’s insurance policy. Generally speaking, if the home is unoccupied for more than 30 days at a time then a traditional insurance policy won’t fly.
If you do not plan to live in the inherited home then you’ll still want to have insurance because vacant homes can quickly become the target of vandals and thieves. In a situation like this, purchasing an unoccupied property policy will provide you with peace of mind that the home is safe and protected even if you aren’t there. If you decide to use the house to generate additional income through renting, you’ll need to have landlord insurance that not only protects your home from damage but also includes additional liability coverage to protect yourself should someone injure themselves while on your property.
At Insurance & Financial Services Inc. in Baton Rouge, LA we recognize that homeowners insurance can be tricky – particularly after the loss of a loved one. In a time of great sadness and stress, our friendly and professional team will show immense empathy for your situation while helping answer all your questions to determine what type of policy is best for you. Give us a call today and learn more about how we can help you.