Property in Probate? Why you need specialist home insurance
When a property is going through probate, responsibility to insure the property will fall with the executors of the estate. Properties that are going through probate are often left unoccupied for a long time. You will need to arrange specialist probate or empty property insurance for a property in this situation.
- Cover designed for properties going through probate
- Building & Contents options, regardless of whether property is occupied
- Sensitive and professional assistance at what can be a traumatic time
- Cover for properties awaiting sale
- No time-consuming telephone referrals
- Flexibility and understanding from our help centre when dealing with executor queries
Cover for properties awaiting sale
Many customers who arrange cover for a property in probate are not sure how long the process will take. Therefore we made things straightforward with our no cancellation fee promise. All our policies allow you to cover your property up to 12months. However, if you sell the property you can cancel free of charge and receive a pro-rate refund of any unused premium.
Arranging Probate home insurance with CoverBuilder
As a legal executor of an estate, taking out a specialist home insurance policy with CoverBuilder for a property that is going through probate is incredibly simple. The policy will need to be submitted under the details of the person that has passed away with the title selected as ‘Executors of’.
Discussing the policy after submission
In order for us to discuss the details of the policy with you and make changes, we will need to see a scan or photocopy of the grant of probate. This will, therefore, confirm the identity of the executors of the estate. We need this in order to ensure that the correct person has taken out the cover. They must have an ‘insurable interest’ in the property (some form of financial interest).
Once probate has been settled and the property has been transferred into the names of the beneficiaries they would need to take out a new policy in their own names. If the property is still unoccupied at this point then CoverBuilder will still be able to help. We will be able to offer a new competitive unoccupied property policy.
Why choose CoverBuilder for your Probate Home Insurance
At CoverBuilder we are able to provide cover for properties in a whole host of unusual situations. This also includes properties going through probate. The property could either be occupied by living relatives or left unoccupied for a long period. These unoccupied properties are perceived as being at much higher risk of damage or break-in. This makes many standard insurers reluctant to provide cover. Under these conditions, a standard buildings and contents insurance policy will therefore probably not fit the bill.
What is probate?
When someone passes away and leaves behind an estate it will go through a process called probate. This involves paying any outstanding debts and then dividing money and assets amongst the various beneficiaries. This can be a lengthy legal process, usually taking between 3 and 6 months to complete.
What needs to be done in order to obtain a grant of probate?
Once you have been named as the executor of an estate there are a number of things you need to do. This will then allow you to obtain a grant of probate. These are:
- Get the death certificate
- Confirming your role as the executor of the estate
- Calculate the value of the deceased person’s estate and whether inheritance tax will be due.
- Attending a Probate Registry interview and swearing an executor’s oath.
Why not just use a general home insurance provider?
When you look at the cover levels of most general home insurance policies, you’ll start to notice that the cover is veryscaled back. This is especially true when the house is going to be left unoccupied until sale or occupation by a member of family or friend. This leaves the property at much higher risk.
Our specialist policies not only cover the property against the general perils (fire, lightning, earthquake and explosion & aircraft) but also the full range of cover you’d expect from your home insurance property.
Probate house sale
The cover we offer in our home insurance is able to protect your property if it is unoccupied or not whilst it is awaiting sale. You can choose basic cover or more enhanced options if there are contents within the property. We’re happy to discuss your options to make sure you have the right cover in place for your specific needs.
MORE ABOUT PROBATE PROPERTY INSURANCE
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. They also help with specific issues about 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 to apply for probate
You can apply 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 and Northern Ireland. They offer support, advice and information to children, young people and adults when someone dies.
Cruse Bereavement Care supports people who are bereaved, their website is at: www.crusebereavementcare.org.uk.
Solicitors for the elderly
SFE (Solicitors for the Elderly) is a national organisation of lawyers who provide specialist legal advice for older and vulnerable people, their families and carers. http://www.sfe.legal