Many home owners in Maine transfer some of their property to a living or family trust. Trusts can be a useful estate planning tool. Once they were used only by the wealthy. Today, people of all financial means place property in trusts.
Trusts are legal documents. Your attorney can explain if a trust is a good solution for you. They can also help you establish a trust.
Insuring Property in a Trust
How can you insure real estate owned by a trust? It depends on the use of the property. Is it your primary home? A vacation home? Does someone who’s not a trustee live in the home? Is the property owned by a family trust, and used by several relatives?
Each insurer has different requirements for trust-owned property. An experienced insurance agent can help you find the right insurance solution. Independent insurance agents offer a choice of several insurance companies.
Some insurance companies use special policy endorsements for trusts. Others simply add trusts as an “additional insured” on the policy.
Are you living in a trust-owned property in Southern Maine? Are you a trustee? If so, contact Noyes Hall & Allen Insurance in South Portland at 207-799-5541. We offer a choice of Maine’s preferred property insurance companies. We’re independent and committed to you.