If I own a cabin in joint tenancy butI am the only one that has paid for the insurance premiums, mustI share an incurance pay-out with my co-owners?
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If I own a cabin in joint tenancy butI am the only one that has paid for the insurance premiums, mustI share an incurance pay-out with my co-owners?
A tree fell on the cabin. I own it with my brother and sister.
Asked on July 14, 2011 under Real Estate Law, Minnesota
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Many States have statutes or case decisions that address a situation where you as one of three property owners on title have made payments for a property such as insurance (with no contribution from the other owners) and the property receives money, you would be entitled to reimbursement of money expended and interest on this money from the insurance proceeds.
The key to answering your question is in whose name is the insurance policy regarding the cabin? If the policy is in your name alone as the insured, technically you should be entitled to all insurance monies.
If your brother and sister also are on the insurance policy, then they are entitled to their ownership percentage share of the monies after you are reimbursed for insurance premiums and accrued interest.
The reality is, the cabin needs to be repaired if there is going to be a pay out of insurance money. Who is going to pay the person for the repairs unless you plan on doing the repairs on your own?
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