Dead Insured

[TiredAgent]

An Insured passed away. Her adult children are living there. I advised one of the daughters to let me know when the estate is settled and the changes made to the title so I can amend/rewrite the HO3 policy. So far it's almost a year and as far as I know (or they're not telling me) no probate or other action to settle the estate has happened. Renewal is coming up. Should I keep pestering them or just let the company know and let the chips fall. BTW this account technically belongs to another broker who for all intents and purposes abandoned them. I'm just "acting" as an agent for the company.

 

[InsCommentary]

I would suggest reviewing the information here, including the white paper and free webcasts:

Virtual University - Where You Reside

There is a school of thought (supported and opposed by case law) that if "you" on the policy (named insured and resident spouse) no longer resides in the home, there is no coverage on the dwelling. ISO introduced endorsements to get around this possibility a few years ago and, short of that, the usual recommendation is that the dwelling should be insured under a Dwelling program, not a Homeowners program whose eligibility requires owner-occupancy.

 

[Allen Trent]

Because the named insured no longer resides there and has no intention or ability to return to the residence, coverage is likely void unless you have obtained a vacancy permit or UW approval. Should have likely been changed to a DP with the Estate as the named insured. When you inherit a home, you don’t automatically inherit the home insurance policy

As a side note, you may now be liable E&O wise by acting as the agent even though you are not the agent of record.