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Re: beth,another question
I assume that while she was in nursing home and under medicaid the nursing home was using the home as collateral for her cost of care??? I also assume that after her passing they no longer have an interest in her home, make sure that's correct!! I also assume that her home and any other asserts are now part of her estate and beneficiaries are her surviving children, right? IF this is all true and the home goes to her beneficiaries through the estate, then if the home burns down and has no insurance it's a total loss, no insurance monies will be paid. If she has outstanding bills to medicaid, medical and etc. they would have to come from the estate. If NO money left in estate the creditors can come after the beneficiaries. You can contact the insurance company and ask for a monthly or quarterly payment plan. That way it's not a lot up front cost and you can pay month to month. Once property is sold, any remaining ins. coverage premium due would end. Any over payment would be refunded, possibly to the estate? Your estate lawyer should know these answers and if you can't get good advice then contact the insurance company. They may have a higher premium if the property is vacant, but also if fully paid for would depend on tax assessment value or current market value.
My dad was not in a nursing home and was living at home until hospitalized and into hospice withing a few days and death withing less than a week. He had his deed as part of his trust account which went to surviving beneficiaries listed in his trust. Since we were selling the property, doing estate sale and having lots of people on the property I insisted we have the insurance paid up. Once we closed and settled the unused premium was returned, prorated from date of sale. We only paid it to protect from fire and liability. hope this helps. Every state estate, trust laws are different. Good luck!
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