If you are an executor handling the estate of a deceased person, one of your most important responsibilities will be ensuring that the deceased’s assets are properly protected including any unoccupied property.
Dealing with an estate can prove overwhelming and insurance will often be far from people’s minds. However, where the deceased owned a property, this is normally the most valuable asset in their estate. As such, it must be adequately insured during the administration period until it is sold or transferred to the beneficiaries – particularly where the property could be vacant for quite some time whilst awaiting grant of probate. Should you fail to ensure the property is properly insured, you could risk being held personally liable for any losses suffered by the estate (for instance, as a result of a break-in, burst pipe or fire).
