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Do you need liability insurance for real estate you inherit along with other heirs?
Wiki User
∙ 9y ago
Yes,
If there is potential for an assertion of liability, The inherited property should be insured by the owner(s).
You can ensure the property under a Dwelling Policy wich basically covers homes owned but not occupied by their owners.
Wiki User
∙ 9y ago
Wiki User
∙ 9y agoIt really depends on the use to which you are putting the real estate. For example, if a store was operated on the land, a liability policy insuring all co-owners is recommended. However, if it is raw., unimproved land, likely not. Nonetheless, if you are aware that there are hazards on the property (such as an open well) and that people go onto the property, you may have a duty to warn. Liability insurance may be available in those circumstances.
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