Adding Probate Relief to Your Home Insurance Policy
Short term (or temporary, short term) home insurance covers the property of your home in the event that you leave it vacant for longer than 30 days. Some forms of short term are non-forfeiture policies and/or warranty agreements. In other words, they cover the property if you don t leave it vacant for a longer period of time than is specified in the agreement. The duration of the coverage may be anywhere from a few days to a month or more. If you are renting, the rental company is responsible for taking care of its own insurance needs, so the duration of the policy will vary.
You may be able to purchase a standard home contents insurance policy to replace whatever was insured by your short term home insurance policy. It’s always best to verify that you have this type of coverage before you take out a policy. Standard home contents cover includes the contents of your home, such as clothing, appliances, electronics, furniture and jewelry. It does not include items in your garages, storage spaces, boats or RVs.
One of the advantages of standard cover property insurance policies is that they provide coverage for all the items in your house, regardless of whether they are occupied or not. If something were to happen to your home, probate would be determined and you would receive monetary compensation from the insurance company. However, standard cover property insurance policies do not have any provision for “empty” or “unoccupied” properties. This essentially means that you would need to buy an appropriate policy to insure the contents of your house in the event of you leaving it without having made any repairs to it. Most short term home insurance policies will offer coverage for unoccupied residential properties only. A few companies may even provide coverage for vacant cottages and commercial buildings.
If you live in an older house, you may not be covered for anything other than the building itself. However, an older home is generally considered to be “unoccupied” by most insurers. So if you live in an older house, it is probably smart to purchase a short term home insurance policy that will cover all of the contents in the house, including anything that is specifically owned by someone else, like a lien or mortgage. Many insurance companies will even provide coverage for unoccupied structures like sheds and garages.
Some insurance companies are also now offering short term unoccupied home insurance policies to cover contents of mobile homes. You can find these policies at a variety of different insurance companies, and most are very affordable. Just because a policy is a short term one doesn’t mean that the policy won’t cover all of the belongings that you own. The only issue is that the policy may not cover everything. But if the contents of your mobile home are worth less than what you owe on it, then the contents may make a suitable short term home insurance policy option for you.
Another coverage option that you may want to consider for short term home insurance is liability coverage. Liability coverage protects you against any injuries that you have as a result of property damage. The amount of liability coverage that you need to purchase will depend on the value of the possessions that you own. For example, if you own a boat or other type of watercraft that is worth more than $500, you will probably need to purchase additional liability coverage. But don’t worry; most insurance companies provide protection against liability claims of this level for just a few dollars per month.
Most insurance companies will also offer some type of rental property coverage for short term home insurance policies. This coverage will pay for damage that you incur to a rental property, such as theft or vandalism. It will also provide coverage for damages that occur during vacation breaks or if the home becomes uninhabitable due to fire. Rental property coverage will vary based on the length of your rental agreement and the nature of your rental property.
You may also want to consider adding probate relief to your short term home insurance policy. Probate relief is provided through the court system to alleviate the financial burdens that occur as a result of a death or other event that leaves someone responsible for the care of a deceased family member. This policy will often pay out over a specific amount of time, usually around ten years. Although probate relief will relieve many families of these financial burdens, it can leave the surviving family members with more expenses to deal with after the unfortunate event occurs. For this reason, it is recommended that you discuss this with a qualified probate attorney before taking this additional insurance policy into effect.