Bill > HB1213

This bill modifies Indiana law regarding insurance coverage and transfer on death deeds, primarily focusing on how insurance policies apply when property is transferred through a transfer on death deed (TOD deed). The bill removes language about casualty and liability insurance policies and specifically excludes commercial lines property insurance policies from its provisions. It clarifies that when a property owner dies and transfers real property through a TOD deed, the beneficiary will be considered an insured under the existing property insurance policy for a limited time - specifically 60 days following the owner's death, or 30 days/until the policy expiration date, whichever is later. The bill also updates the statutory references and allows TOD deeds to include a new warning statement informing beneficiaries that insurance coverage may be temporary. Additionally, the bill makes technical changes to how different types of property ownership (such as joint tenancy or tenancy by the entirety) are handled when a TOD deed is recorded, ensuring that the transfer of property follows the specific legal requirements for each type of ownership arrangement.