Homeowners Heads & # 039; Above

Many of us have relatives who have been to the nursing home for a long time.

Or, for property planning purposes, keep our home in trust.

Or do a new job in a new city three states away.

Yes, Henry, it happens all the time. What do you mean


A couple in Georgia bought a “Fixer Upper” home that had been renovated by their contractor’s son before their arrest. During this three- to four-month period, they stayed in the apartment. Near the end of the renovation, the house suffered a loss of 18 186,000. The insurance company denied the claim under the Homeowners Policy

All of these examples, both fictional and real-life, are somewhat familiar, and even involved Little to know“Insurance Policy Clause”Accommodation. And what is the only “living space”? “Well, that’s usually the case.”Residence “where” you live.“Well, that’s enough, as long as we all agree on what it means to” stay. ”


Well, when I go to work in the morning for my long, hard 6 minute trip, I may not be home for the next few hours, but I still to stay There. Similarly, when we take a week-long family road trip, we still technically stay there. It becomes one Less Fuzzy for warehousing, but it’s so common that it’s not really an issue.

Such as FoIB (and P&C Guru) Bill M. Guides, we start to get into problems when we look at terms and conditions of ownership.

When we give our home ownership to the Smith Family Trust, even though we are still living (living), we need to notify our insurance company, because Property Changed (although I will note that Danger No, but again, one should never use & # 39; sense & # 39; with & # 39; insurance & # 39; Not to quarrel). When we keep ownership, but really move out and away, it changes the nature of the risk, and we need – you guessed it – to notify our insurance carrier, or at least have a real heart attack with our agent. What They Advising.

What to do no do It is simple that there is no issue or potential problem, because it is one very much It’s easy (and inexpensive) to point it out Before Claims and potential claims

#WordToThe wise

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