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Home » Homestead Exemption » Homestead Protection of Fire Insurance Proceeds

Homestead Protection of Fire Insurance Proceeds

ByJon Alper April 28, 2014May 22, 2020

A reader asks in an email whether a creditor can go after fire insurance proceeds owed to the debtor by the fire insurance company for a fire loss suffered to the debtor’s Florida homestead? The debtor was forced to move to another residential address because of the fire.

Generally, proceeds receivable from a homestead, either sale, refinance, or insurance proceeds, are part of the homestead exemption because they all represent the debtor’s equity in his home. I do not think a creditor could garnish fire insurance proceeds. Once the fire insurance proceeds are received and then deposited in a debtor’s bank account they could be subject to a garnishment of the bank account. On the other hand, if the debtor showed he intended to reinvest the fire insurance proceeds in a new home the proceeds would be protected in a bank for a reasonable time.

The fact that the debtor/homeowner moved to a new homestead before the insurance company paid the money should not diminish the protection. Yes, the debtor moved to a new residence and may not intend to return to the homestead property, but the move from the homestead was involuntary as being forced by fire damage. Forced absence from a homestead does not disqualify homestead creditor protection.

Last updated on May 22, 2020

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Jon Alper

About the Author

Jon Alper is an expert in asset protection planning for individuals and small businesses.

Book a consultation with Jon.
Jon Alper

About the Author

Jon Alper is an expert in asset protection planning for individuals and small businesses.

Book a consultation with Jon.

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      • Not Paying Judgments
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      • Writ of Garnishment
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      • Gun Trusts
      • Inheritance Tax
      • Irrevocable Trusts
      • Last Will and Testament
      • Living Trusts
      • Living Will
      • LGBT Estate Planning
      • Power of Attorney
      • Probate
      • Special Needs Trust
      • Trust Administration
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      • Chapter 7 Bankruptcy
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      • Involuntary Bankruptcy
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