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 Posted: Tue Dec 27, 2011 7:54 pm Post subject: Hello, is it possible to insure my portion of a home with se |
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| Hello, is it possible to insure my portion of a home with several owners. My mother passed away and the home was left to all her heirs (children), none of the other siblings care to insure the property and my concern is that i would like to insure my interest in the property. I have a sister whom we all agreed can live in the house, valued at $213,000 but she says she cant afford to pay insurance. I am not willing to pay all insurance for everyone and if something happen they all benefit, so is it possible just to insure my portion of the home? |
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loseconnection1
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Joined: 27 Dec 2011
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| Posted: Wed Dec 28, 2011 1:15 pm Post subject: |
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Its not impossible but it is unfeasible. You could probably get hold of an agent who would tailor a coverage plan to serve your unique need, but it would end up costing more than the portion of the property that you are planning to insure. What you can do is negotiate with your siblings and come to an agreement wherein the cost of insuring the entire property would be shared amongst everyone, therefore reducing the overall burden. Since each of you is a co-owner of the property, all of you are jointly liable for any injury caused to a visitor because of the condition of the house. Eg: If the plumber slips and falls on the bathroom floor, all the heirs are to be held liable.
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Wolbrandt
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| Posted: Wed Dec 28, 2011 3:47 pm Post subject: |
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I am not willing to pay all insurance for everyone and if something happen they all benefit, so is it possible just to insure my portion of the home?
This is impractical. How do you identify which 1/6 of a house is yours?
You don't want to pay for other people's freight. I can appreciate that. If that's the case, then have an attorney drawup a document that gives you the right to collect the claims for everyone else's losses -- a power of attorney or something similar. If a claim is made, you file the claim, collect the payment and keep the money, up to the amount of premiums you paid. They can have the rest.
Your situation is untenable. Either everyone agrees to split the expense of maintaining the house or you sell the house, divvy the proceeds, and everyone goes away unhappy. One of those two scenarios is preferable. You choose.
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MaxHerr
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