If I own a cabin in joint tenancy butI am the only one that has paid for the insurance premiums, mustI share an incurance pay-out with my co-owners?

Get Legal Help Today

secured lock Secured with SHA-256 Encryption

If I own a cabin in joint tenancy butI am the only one that has paid for the insurance premiums, mustI share an incurance pay-out with my co-owners?

A tree fell on the cabin. I own it with my brother and sister.

Asked on July 14, 2011 under Real Estate Law, Minnesota

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

Many States have statutes or case decisions that address a situation where you as one of three property owners on title have made payments for a property such as insurance (with no contribution from the other owners) and the property receives money, you would be entitled to reimbursement of money expended and interest on this money from the insurance proceeds.

The key to answering your question is in whose name is the insurance policy regarding the cabin? If the policy is in your name alone as the insured, technically you should be entitled to all insurance monies.

If your brother and sister also are on the insurance policy, then they are entitled to their ownership percentage share of the monies after you are reimbursed for insurance premiums and accrued interest.

The reality is, the cabin needs to be repaired if there is going to be a pay out of insurance money. Who is going to pay the person for the repairs unless you plan on doing the repairs on your own?


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

secured lock Secured with SHA-256 Encryption