Do I need to change the homeowners insurance when a home is willed in North Carolina?

In North Carolina, when a home is willed, the beneficiary of the will becomes the new owner of the home. The homeowners insurance policy will not automatically transfer to the new owner. They must contact the insurance company and update the policy information to reflect the change in ownership.

Most insurance policies have a provision known as the automatic loss transfer clause. This clause allows coverage for covered claims that start before a change in ownership but occur during the transfer or even afterward. However, the homeowners' policy will lapse once the transfer of ownership is finalized unless the new owner takes action.

When the new owner notifies the insurance company, they will need to provide the following information:

* The name and address of the new owner

* The date of the transfer of ownership

* A copy of the will or other legal document that proves ownership

The insurance company will then issue a new homeowners insurance policy for the new owner. Please note that the cost of the new policy may differ from the previous one.