Executor insurance for a property in probate
When a property is going through probate, the executors of the estate will need to sort out insurance. Properties going through probate are often left unoccupied for a long time. These unoccupied properties are seen as being at much higher risk of damage or break-in, making many standard insurers reluctant to provide cover. CoverBuilder offers dedicated executor insurance, plus a no cancellation fee promise.
- Cover for properties going through probate
- Building & contents options, whether or not property is occupied
- Cover for properties awaiting sale
- Sensitive and professional help at what can be a traumatic time
- No cancellation fees and pro-rata refund if you cancel before 12 months
- UK based contact centre support to assist you
- Average call centre answer time under 1 minute
Need a little help quoting?
We have insurance experts ready to help if you want to ask a question. Our average call answering is under 1 minute so give us a call on 0333 358 3359. Alternatively, you can chat with us online via our livechat option (bottom right).
Executor Insurance for properties awaiting sale after probate
Many customers are looking for home insurance to cover a property that is in probate and will eventually be sold. Often the length of time cover is needed for is not known. As a result, we have removed our cancellation fee from all our executor insurance policies. This means you can take a policy out knowing it will cover you up to 12 months. However, if you do sell the property in the meantime you can cancel free of charge. There are no other hidden fees and you pay just for the time you needed. If you pay in full then you would get a pro-rata refund of any extra premium.
What information will I need to present?
As executor of an estate, taking out a home insurance policy with CoverBuilder for a property that is going through probate is very simple. The policy will need to be submitted with the details of the person that has passed away. In addition, the title selected should be ‘Executors of’.
In order for us to discuss the details of the policy with you and make changes, we will need to see a copy of the grant of probate. This is because this document will confirm the identity of the executors of the estate. This is to make sure that the right person has taken out the cover. They need to have an ‘insurable interest’ in the property (some form of financial interest).
Once probate has been settled the property will be transferred into the names of the new owners. At this point, they would need to take out a new policy in their own names. If the property is still unoccupied then CoverBuilder will be able to help in sourcing competitive unoccupied property cover.
Useful Probate related links:
Inland Revenue guide to the valuation of a property process
A detailed guide on valuing a house for probate can be found at http://www.hmrc.gov.uk/inheritancetax/how-to-value-estate/land.htm
Inheritance tax issues
HMRC (Her Majesty’s Revenue and Customs website) offers information and advice on probate matters and specific issues relating to inheritance tax. Their website is www.hmrc.gov.uk
A guide on what to do after someone has passed away
The citizen advice provides advice and a fact sheet on what to do after some has died at www.citizensadvice.org.uk
How do I apply for probate?
You can apply for a grant of representation yourself or use a solicitor or another person licensed to provide probate services. There are 4 steps to follow, more information about these steps can be found at: www.gov.uk
Cruse Bereavement Care is the leading national charity for bereaved people in England, Wales. They offer support, advice and information to children, young people and adults when someone dies. www.crusebereavementcare.org.uk.
Solicitors for the elderly
SFE (Solicitors for the Elderly) is an independent, national organisation of lawyers. They provide specialist legal advice for older and vulnerable people, their families and carers. http://www.sfe.legal