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Committee backs bill to extend property insurance temporarily to beneficiaries named on transfer‑on‑death deeds
Summary
House Bill 464 would require real‑property insurance to continue to cover a beneficiary identified on a transfer‑on‑death deed for the earlier of 45 days after the owner’s death, the policy’s expiration, or placement of a new policy. Supporters said the measure closes a gap that can leave beneficiaries with uninsured property; an amendment clarified language and passed.
Representative Steve Fitzpatrick told senators HB464 would prevent unintended gaps in property insurance when ownership transfers on death. Under existing law, recording a transfer‑on‑death deed causes title to vest in the beneficiary at the owner’s death, and insurers were sometimes treating the beneficiary as not having an…
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