A change of interest in any part of a thing insured, unaccompanied by a corresponding change of interest in the insurance, suspends the insurance to an equivalent extent until the interest in the thing insured and the interest in the insurance are vested in the same person, except as follows:

    1.    In the cases of life, accident, and health insurance.

2.    A change of interest in a thing insured after the occurrence of an injury which results in a loss does not affect the right of the insured to indemnity for the loss.

3.    A change of interest in one or more of several distinct things insured by one policy does not avoid the insurance as to the others.

4.    A change of interest by will or succession on the death of the insured does not avoid an insurance, and the decedent‘s interest in the insurance passes to the person taking the decedent’s interest in the thing insured.

5.    A transfer of interest by one of several partners, joint owners, or owners in common who are insured jointly to the others does not avoid an insurance even though it has been agreed that the insurance shall cease upon an alienation of the thing insured.

6.    The encumbering of one or more of several distinct things insured by one policy does not render void any insurance upon the things not covered by the encumbrance, but in case of loss or damage, such an amount must be deducted from the insurance as the value of the property so encumbered bears to the value of all the property covered by the policy.

Any agreement to waive subsection 3 or 6 is void.