What Does Right of Survivorship Mean?
The right of survivorship refers to a person's right to own an entire property after a co-owner of the property dies. This situation commonly occurs in "joint tenancy" situations in which two people have ownership stakes in a property.
The full property insurance burden is usually also transferred along with the ownership of the property in right of survivorship situations.
Insuranceopedia Explains Right of Survivorship
If joint tenancy was not in place, then there may be no right of survivorship, even if one owner of a property dies. Where there is no right of survivorship, then the decedent's interest in the property may go to a next of kin instead of the other property owner.
Who is responsible for insuring the property after an original owner dies usually depends on who gets control of the decedent's interest after death.