should adding a hazard policy to a home ins.entitle the family of deceased to part of ins.that goes to homeowners family’
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UPDATED: Aug 9, 2011
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Insurance Question from Aberdeen, MS
Asked on 08/09/2011
should adding a hazard policy to a home ins.entitle the family of deceased to part of ins.that goes to homeowners family’ The lady married my elderly father.After he died she was to live there,upkeep pay ins.etc? She added a hazard policy to ins.which was destroyed by a tornado.The home reverted to us after her death,does this hazard policy entitle her family to part of the ins.and how much?
Answer given on August 10, 2011
The homeowner policy on your property would have been in the name of the titled owner. Since she had lifetime use of the home, the title would have most likely been in the name of your father and/or the trust, unless she was given title to the home. In that case, the policy would have been in her name.You need to determine the actual named insured on the policy and how title was on the home. This will determine who will get the settlement for the home. If in your father’s name and/or his trust, then the trustees of the trust or heirs to his estate would be paid the insurance proceeds. If it was in his wife’s name, then the settlement would be paid to her heirs.You should talk to the insurance agent who wrote the policy. They should be able to tell you who the named insured was. You may need to consult an attorney to resolve the settlement.
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