Get peace of mind during the probate process
What is probate?
Probate is a legal process which takes place once someone has died. It’s the procedure involved when dealing with the assets (property, money, possessions etc.) of the person who has died.
Probate may be needed before family, friends or an Executor of the will can distribute the assets to the rightful recipients.
It’s usually needed if a property or land is owned by the deceased, or if a bank or other financial business requires it because the sum of money held in the account is over a specific amount.
Depending on the circumstances you may be required to get a Grant of Probate or if there was no Will in place when the person passed away, you’ll need Letters of Administration.
Once you’ve received these (if you’re required to obtain them) you can begin the probate process.
Probate can either be carried out by an appointed professional or you can do it yourself. Naturally, hiring someone to handle the process can be costly but it can be difficult and time-consuming to do it yourself.
You should get as much information as possible about what is required to complete probate before deciding to hire someone or not.
If you decide to handle the process by yourself, you’ll need to start by assessing the size of the estate which has been left. You’ll also need to work out all their liabilities (debts) and potentially pay inheritance tax depending on the value of the assets.
Once HMRC (Her Majesty’s Revenue and Customs) have accepted the valuation and you have, if you need to, paid any tax, you’ll be granted probate.
You can then get any funds from the estate released and distributed to the necessary parties.
The process can take weeks or potentially months depending on the situation, so you should be prepared if you’re handling the probate yourself for it to be a time-consuming process.
Of course, this is a brief overview of what happens, and we recommend seeking more information if you find yourself in this situation.
How could temporary insurance help me?
When a person dies, assuming that no one else lives in the property, their existing annual home insurance will end, and the property will no longer be insured.
This is a common occurrence during probate and because it can take time for everything to be resolved you could be leaving the house without cover for a long time.
Vacant homes cannot only become damaged over time and fall into disrepair, but they’re also often easy targets for squatters, vandals and general anti-social behaviour.
As well as damage to the building, if you haven’t cleared the house, there may still be valuable property inside which could be targeted by thieves and because no insurance is in place, you could have to pay hundreds or thousands of pounds for replacements.
Temporary home insurance could be a big help during the probate process as you only pay for the duration you need. Sitting alongside any existing executor insurance or other executor insurance policy you may have, it’s available from 7-28 days and is ideal because you’re not tied to any long-term contracts so when everything is resolved you don’t have to pay any cancellation fees.
If you find that probate takes longer than you expected, a couple of months, for example, you can get another policy quickly and easily.
Think of it as a weekly or monthly direct debit on home insurance without being forced to pay out for a whole years’ worth of cover.
A house can not be sold before probate is granted, so until probate has finished and you’re free to sell the house or start a new annual policy, temporary cover gives you that peace of mind that should anything happen, you’re completely covered.
For total reassurance during what is already a stressful and exhausting time, temporary home insurance is the fast, flexible, and affordable way to get the cover you need for the duration you want during the probate process.
What am I covered against with a temporary policy?
There are two types of short term home insurance depending on what level of cover you require. You could opt for the ‘comprehensive’ option of Full Perils cover – the highest level of cover available.
This option will cover against ‘all-risks’ unless something is specifically excluded in the policy wording. This is the complete peace of mind approach which will ensure that the property is covered should almost anything happen.
Your other option is a reduced level known as FLEEA cover. This insures the property against the specific threats of Fire, Lightning, Explosion, Earthquake, and Aircraft.
This doesn’t just cover direct damage from one of these perils but also any associated damage caused by one or more of them – For example items dropped from an aircraft or smoke damage from a fire would also be covered.
Depending on whether the house is empty or not, you can choose to insure just the building, just the contents or both. By customising the policy to suit your specific situation you’re able to get the cover you actually want without paying for things you don’t.
To find out how much temporary home insurance could save you while you’re going through probate, get a quick and easy quote now.