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my sister and i have jointly inherited a home from my grandfather who has recently passed away. before he passed, my husband and i moved in the home to help him while he was sick. now we have decided to stay in the home. my sister is in college and lives out of town so we are now trying to figure out who will pay the home owners insurance and taxes since the house is in both of our names but i will be the one living in it, doing all maintence and upkeep, and paying all utilities.
the property is completely paid for the only expenses are the ones of upkeep, insurance, and property taxes.

8 Thoughts on need answers about property taxes and homeowners insurance?
  1. Reply
    Patricia C
    October 12, 2011 at 8:23 pm

    That’s for the two of you to decide. It seems to me that since the two of you are the ones living there, you and your husband should pay them. Don’t forget, if push comes to shove, she could force the sale of the house.

  2. Reply
    October 12, 2011 at 9:04 pm

    If anything, you and your husband should pay all of them.. You get the benefit of living in the house. You don’t say if it’s paid off or not, but your sister is paying rent in another town and taking care of her place.

  3. Reply
    October 12, 2011 at 9:29 pm

    If you want your sister to split the taxes and insurance with you down the middle, then you will have to come up with what the fair market value rental value for the home would be. It would be the responsibility of any renter to pay the utilities and do basic upkeep of the home. Large expenses of the home, such as A/C repair or replacement would need to be shared expenses.

    Realize that as a college student your sister may not be in the position at this point to take on the additional financial responsibility. It may be smarter for the two of you to discuss what the goal is for the home. Since taxes, insurance and maintenance will be on going, if you are interested in living in the home, it may be smarter to buy out your sisters share. That way if you want to remodel the kitchen or redo the bathrooms, it’s not a fight over what needs to be done verses what you want to get done.

  4. Reply
    October 12, 2011 at 10:24 pm

    That’s something you and she should decide. But if you’re living there and enjoying the home, in my opinion, the right thing to do is for you to pay all this plus maintenance.

    Think of it this way: if you rented a house from someone, those taxes & insurance would be hidden in the price of the monthly rent you pay. So if you’re not paying your sister rent (or not much), you do owe her to cover costs.

  5. Reply
    Dan B
    October 12, 2011 at 11:13 pm

    You have several options:

    1. Take a loan on the house and buy your sister out (best option if she agrees).
    2. Since you are living in the home, you should pay for it all. You are getting the benefit of living there rent/mortgage free. She has to pay rent where she’s living.
    3. An argument could be made that she has a vested interest in keeping the home in good shape to preserve its value so she should help with the insurance and upkeep.
    4. An argument could be made that you would have to pay her a fair rent for using her half of the inheritance.

    Take option 1 if possible. She might be able to use the money for college.

  6. Reply
    October 12, 2011 at 11:34 pm

    If I were your sister I’d insist an appraiser set a price on the property and as long as you want to live there you buy her out and start sending her a monthly check toward her half. You do not have a mortgage so should be able to begin paying her immediately. Why should she not have access to her share while you are benefiting by living there. I’m sure she would rather wash her hands of the current situation by selling you her share and investing to payments toward whatever her plans are. This solution seems the only fair thing to do.

  7. Reply
    Caveat Emptor
    October 12, 2011 at 11:56 pm

    You are co-owners and jointly responsble for those items. It is up to the two of you to work it out.

  8. Reply
    October 13, 2011 at 12:56 am – try this one. Got my home insurance from them. As I know they provide such a service.

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