Inherited a Home? Make Insurance Job Number One

During times of grief, insurance and taxes are the farthest things from your mind, but they must be dealt with at some point. If you’ve recently inherited a home from a loved one, there are some important details that you may not have considered.

Think insurance first

One of the first things you’ll need to do is contact your insurance company. Just because the occupant of the house expired doesn’t mean the policy has as well. Ask the insurance company to add your name as the primary insured person, and check to see how long the policy will remain active. This will ensure that any claims filed during this period will be covered.

If you choose to keep the inherited property, it’s a wise move to review the insurance policy before automatically opting for the same coverage. Depending on the area, a home could have appreciated greatly over the years, and the coverage amount needs to reflect current value.

If you rent it

If you choose to rent out the property, speak to my office about additional coverage specifically tailored to rental properties. You’ll likely need to increase your liability coverage and revise the personal property section of your policy.

Although your insurance policy regards a home as a structure, our office doesn’t; we understand the stress and can help you through the tough decisions so your inheritance will pay off, either as an option to live in or as a source of rental income or cash from its sale.