Insure the Property of the Estate

An executor is a fiduciary. Therefore, the executor has a duty to protect the assets of the estate and insure the assets against loss.

Real Estate

The executor should always maintain insurance on the estate's houses. If the house is vacant, it is my experience that the decedent's insurance company will allow the policy to continue through the remainder of the term of the policy. Thereafter, the company will either terminate the policy or insist upon a "vacancy rider", which means the policy will be much more expensive. At a minimum, be sure that any houses have a wind, fire and hail policy so that if the house burns down or hail damages the roof, the property can be repaired.

Motor Vehicles

Vehicles are rolling liabilities. Furthermore, vehicles are under constant risk of theft and/or damage, such as hail. For out-of-towners, Dallas gets severe hail on a regular basis so coverage is essential. Thus, the executor should maintain both liability and comprehensive insurance on all vehicles. If the decedent had a policy, the executor should check to see if the vehicle remains covered now that the decedent has passed away. If the vehicle is not covered, then new coverage should be obtained. This may be difficult because if the executor is not the beneficiary of the car, the insurance company may say the executor does not have an "insurable interest" in the vehicle. Talk to your insurance agent to see what is possible.

Tangible Personal Property

Many homeowners' insurance policies include coverage for the contents of the home. Confirm that your policy provides such coverage. Be sure to photograph the significant piece of property in case of loss.

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