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My sisters and I inherited several properties from our mom when she died in 2013. We have a new insurance agent and she is now saying we have to have the deeds in our names in order to have insurable properties. Most of these are rental properties and one is my moms house which we have for sale now. We just invested several thousand dollars remodeling her home in order to prepare it for sale. We definitely have insurable interest. What should we do We are not wanting to invest any more money since we will eventually sale these properties.
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Your agent is mistaken. Immediately upon your mother's death, unless she had a valid will that provided otherwise, title to all her real property vested in you and your sisters. It did not need to go through probate and you all have insurable interests in these properties.
You may need to apply for insurance in your joint names, ie, "You, Sister 1, Sister 2 and Sister 3, as tenants-in-common" because that is how you all hold title to the property. The agent really needs to speak with the underwriting department of the insurance company. They should be able to straighten this out.
I hope this helps but if you still have questions or concerns, do not hesitate to contact me.
Answered on Apr 08th, 2016 at 1:29 PM