Homeowner & Life Estate

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What is the name of your state? MO

Can a person who does not own a home acquire homeowners insurance? My wife's FIL left a life estate to his widow, with the stipulation that she pay taxes, maintenance and pay for insurance on the property. The heirs acquired a policy upon the death of their father. The deed is to the remaindermen. Thats said, the tenant has bought a policy that names her as the beneficiary, not the hiers. Also, the property is grossly under insured. 2000 sq fr house worth about $250,000 and she has insured for only $80,000. My questions is: can an insurance company write a homeowner's policy for someone who does not own the house in the policy?

Thanks!


PS. She has disposed of a ton opf assets before the executor could even inventory the estate.

 

[seniorjudge]

Q: My questions is: can an insurance company write a homeowner's policy for someone who does not own the house in the policy?

A: Yes; it's called renters insurance. The owners need to get their own policy.

 

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Unclear Question

Senor Judge,

I probably misstated my question. I am not concerned with the contents of the house. I need to know if a homeowners policy can be purchased for the structure of the house by a life-tenant (as the beneficiary) and not the remaindermen as specified in the will?

Thanks!

 

[seniorjudge]

I am not an insurance lawyer; but it would seem to me that the life tenant has an insurable interest in the house.

Again, the remaindermen need to get their own insurance.

(What it says in the will is irrelevant.)

 

[tammy8]

I know I am a little late in this, but what I usually do is write a landlord's policy for the structure and then a renters policy for the tenents.

 

[lwpat]

She can get a policy with the remaindermen named as additional insured. If she will not do it you should purchase the insurance and then file suit in small claims. This is one of the reasons I do not recommend life estates.