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Homeowners Claims

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joogs005

Junior Member
What is the name of your state?What is the name of your state?I am the Administrator for an estate in Pennsylvania. I have a real estate property that I am in the process of selling and the property was recently vandalized and there was extensive water damage to the property. Are the proceeds I may receive from the homeowners insurance claim become an estate asset?
 


I AM ALWAYS LIABLE

Senior Member
joogs005 said:
What is the name of your state?What is the name of your state?I am the Administrator for an estate in Pennsylvania. I have a real estate property that I am in the process of selling and the property was recently vandalized and there was extensive water damage to the property. Are the proceeds I may receive from the homeowners insurance claim become an estate asset?

My response:

Yes, but only for purposes of repairing the home belonging to the Estate. In other words, if actual cash is realized (highly doubtful), that money is not to be distributed; rather, the damages must be repaired - - which is your job to make sure that happens.

IAAL
 

joogs005

Junior Member
Pennsylvania: I am the Administrator for an estate in Pennsylvania. I have a real estate property that I am in the process of selling and the property was recently vandalized and there was extensive water damage to the property. Are the proceeds I may receive from the homeowners insurance claim become an estate asset?[/QUOTE]
 

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