How to Protect Estate Properties During an Asset Transfer
Posted on: April 6, 2015 by Aegis General
Many clients have property components to their estate planning and assets transfer programs. It is not uncommon for a parent to leave their family home to their child in their will, or for a relative to place their income or vacation property into a trust or estate to be dispersed to the beneficiaries. While property owners often put the time and energy into thinking about how their assets will be disbursed, they often forget about protecting the assets themselves. Depending on the asset transfer strategy, these properties can end up standing vacant in the aftermath of their owner’s passing due to probate and other lengthy legal processes.
These properties need specialty property insurance to ensure that they are protected from damage, vandalism and other losses while unoccupied, or between transfer of ownership. The National Association of Insurance Commissioners (NAIC) warns that vacant or unoccupied homes can leave the property owner exposed to losses and liability concerns that may not be covered by a standard property insurance policy. Standard homeowner’s insurance policies are not designed to protect properties, which go unoccupied for multiple consecutive months or longer periods of time, such as the 6 months it can take to resolve a probate case. As such, securing the right specialty property insurance coverage that meets your clients’ needs is important.
In many cases an unoccupied property insurance policy can be the most effective means of protecting these unattended assets. Unoccupied property insurance will protect vacant properties and their contents against fire, explosion, wind, hail, vandalism and other perils along with premises liability coverage.
Property owners and agents can turn to specialty homeowner’s insurance coverage from Aegis General Insurance Agency. Our Specialty Homeowners product focuses on safeguarding the property and assets of clients typically not available through the standard markets. Our personal insurance coverages are for property owners that may have sustained minor losses, have aging structures to protect, own a dog breed that would otherwise deem the entire risk ineligible, and more. To learn more about our operation and of our Specialty Homeowners insurance coverage, contact us today at (866) 662-5752.