Atlanta, GA asked in Estate Planning, Real Estate Law and Insurance Defense for Georgia

Q: Can a Remainderman purchase their own dwelling homeowner insurance policy to cover and protect interest

Life estate tenant has own homeowner dwelling policy, listed as insured full dwelling coverage on home and property, but remainder men are not covered at all. Is it legal that we can purchase our own policy to protect our interest?

2 Lawyer Answers
Anthony M. Avery
Anthony M. Avery
PREMIUM
Answered
  • Estate Planning Lawyer
  • Knoxville, TN

A: There is nothing illegal about the remaindermen being insured for property loss. But you will have to carefully find a willing insurance company that will inure a dwelling in which there is an occupany that is not the insured. When you get the policy, read it.

Michael D. Birchmore agrees with this answer

Michael D. Birchmore
Michael D. Birchmore
Answered
  • Lawrenceville, GA
  • Licensed in Georgia

A: As long as you have a deeded interest in the property, you should be able to gain insurance. However, as Mr. Avery has stated, you may find it difficult to locate an insurance company to insure your interest as you currently have no control over the property to be insured.

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