My father passed away, leaving a massive, disorganized stamp and coin collection in his study. I live three states away. The house is now vacant. I have no idea what it’s worth—maybe $10k, maybe $1M. I called his insurance agent, and they said, “His policy terminates soon. You need to move the items.”
Key Takeaways
- The 30-Day Grace Period: Most homeowners policies cover contents for ~30 days after death, but coverage can shrink if the house is deemed “Vacant.”
- Vacancy Clause: If the house is empty for more than 30 or 60 days, theft coverage is often suspended.
- “Binder” Coverage: You can buy a temporary insurance “binder” for the estate to cover the items while you sort them.
- Insurable Interest: As the executor/heir, you now have an insurable interest. You can buy a policy in your name for items located at his house (temporarily).
The “Why” (Change of Risk)
An empty house with a known collection is a sitting duck. Insurers hate vacant homes.
“We do not cover theft from that part of a residence premises that is rented to others or vacant.”
The Investigation: Securing the Legacy
I looked for immediate solutions.
1. Estate Policy
- Action: Ask the current insurer to rewrite the policy in the name of “The Estate of [Father].” This maintains coverage during probate.
2. Moving to Storage
- Action: Move the collection to a secure storage unit or your own home immediately.
- Coverage: Your own homeowners policy might cover it, but check limits. A specialty policy (CIS) can be opened in your name at the new address instantly.
3. Blind Policy
- Action: Insure it for a flat $50k or $100k “Blanket” without a schedule until you can get it appraised. It costs money, but buys peace of mind.
Comparison Table
| Location of Collection | Risk Level | Recommended Insurance |
| Vacant Deceased Home | Extreme | Estate Policy + Alarm |
| Your Home | Low | Add to your policy |
| Bank Vault | Lowest | Self-insure or blanket |
Step-by-Step Action Plan
- Change the Locks: First thing. Family members, caregivers, neighbors might have keys. Secure the site.
- Video Inventory: Walk through and record everything before touching it. This establishes the baseline.
- Call a Specialist Broker: Tell them, “I am the executor. I need a 6-month policy for a collection in probate.”
FAQ
Do I pay taxes on the insurance payout if it’s stolen?
Generally no, it’s an involuntary conversion. But estate taxes apply to the value of the collection.
[IMAGE: Photo of a dusty room filled with coin albums and a “For Sale” sign in the window]