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Unfortunately, your beloved Uncle Jack has passed away. On a brighter note, he left a will stating that you are the beneficiary of his house. However, Uncle Jack’s insurance policy doesn’t automatically transfer to you. You could qualify for a traditional policy if you plan to move in. You have 30 days to decide whether you want to move in, sell, or rent the property. After this period, you will need to secure your own insurance policy.
Four Options to Consider
You have several options. Firstly, you could move in and make it your primary residence. In this case, you will need home insurance. If the house remains unoccupied for 30 days, it becomes an unoccupied property. These properties are at a higher risk of damage and theft, making their insurance quite expensive. Therefore, securing a six-month policy and expediting the property’s sale is advisable. Secondly, if you find a tenant, consider getting landlord insurance, also known as a rental property policy. This could potentially be covered under an umbrella policy. Lastly, if Uncle Jack’s house is ideal, but you don’t wish to live there, you could turn it into a vacation home. However, remember that unoccupied houses carry risks, making their insurance costly.
Taake Insurance Agency: Serving Columbia, IL
If you live in the Columbia, IL, area and need home insurance, please get in touch with Taake Insurance Agency. Our friendly and professional agents will discuss your options and help you find the right policy for your needs.
