|
|
|
HOME : Just the FAQs Ma'amIf My Spouse Dies - Inform My Broker!My husband died recently, and I'm wondering what to do about his insurance. He owned a car, and the house policy is in his name. Will the insurance cover anyone else who may be driving the car? Is the house still covered? I'm sure you have many
arrangements to take care of right now, so let me ease your mind just a
little by telling you that your husband's home and car insurance needn't
be at the top of the list. That said, it is important that you inform the
insurance company as soon as you can - a simple phone call should do the
trick. In the case of your
car insurance, you should have your husband's executor put the policy in
his estate. If the executor chooses to cancel the policy before it is due
for renewal - in the event you sell the car, for example - the insurance
company will refund whatever portion of the policy was not used, less a
penalty for early cancellation. In the meantime, if friends or family
members are driving your husband's car, they will be covered, if they are
doing so with the consent of the executor. Your home policy may
require more immediate attention. If both you and your husband were named
on the policy as "insureds," your insurance would simply
continue as before. However, since, as you say, your husband is the only
named insured (even though you are also covered under that policy), you
should inform the insurance company as soon as possible and request that
the policy be changed to your name or the estate of your husband. It's a
simple procedure to do so, but it doesn't happen automatically - you need
to set the wheels in motion. After all, an
insurance policy is a personal contract between the person (or persons)
named in the policy and the insurance company. If that person dies, then,
theoretically, the contract ends. In reality, it's not so cut-and-dried.
Since you were already living in the house and insured under the policy,
most companies would continue your coverage, at least for a period of time
until you could make the necessary change. The bottom line: Don't assume you're automatically covered. Notify your insurer as soon as you reasonably can to make sure the policy will continue. If you can't do so immediately, be sure to add it to your "to do" list. |
