When a homeowner passes away, the transition to a new home insurance policy can be tricky. Thankfully, The Sirover Agency LLC can help Wayne, PA area residents better understand their options and keep them from experiencing financial troubles as well.
The Policy Provides Some Protection
After you pass away, if you own a home, your home insurance policy is up in the air. While it isn’t going to go away immediately when you pass, it is crucial to take a few steps to help your family transition to a new option. These steps include the following moments:
- The Original Policy Stays Temporarily Valid – If you pass away partway through your insurance term, it will stay valid until your policy finally expires.
- A New Policy Must Be Created – After a new homeowner is decided, the homeowner and their insurance company must create a new policy to avoid complications.
- Other Changes Must Be Made – If you want to make changes to an insurance policy, it is vital to do so in 30 days or less to ensure that no legal issues occur.
A lapse in home coverage, no matter how brief, may trigger complications with selling a home, preparing it for the market, or moving into it. So, if you’re concerned about your family after you pass, make sure you tell them this information to make the transition to a new insurance policy more accessible.
Don’t Get Caught By Surprise
This situation usually doesn’t impact most people but should be considered a potential concern. Therefore, it is essential to talk to us at The Sirover Agency LLC serving Wayne, PA, to learn more. We’ll do what we can to help protect you from these dangers and give you the inside scoop on the potential complications that may otherwise occur and affect your coverage.