Question : Must home insurance be in the name of joint owners?
My brother and I own a home as joint-tenants. Can we insure the home in my name only, rather than put both names on the policy? Or is his name required on the policy as co-owner?My brother has a mental disability. We split the property taxes, but I'm willing to pay for home insurance, to save him some money. Thanks!
- asked by mauryb
All Answers:
Answer #1
sure...the policy is insuring the home.
- answered by JB
Answer #2
U will probably have to put the home ownersinsurance in both of u alls name especially sinceu both own the property. the only way u might beable to get out of it is his disability talk toyour insurance company and see what they say.
- answered by kelly a
Answer #3
You will want both names on the policy so you willboth be covered. Do you both live there? If so youboth should be listed. If only one of you do thatperson can be the primary policy holder and theother person as a secondary. If neither of you doand you're renting it out you will need a landlordpolicy with both of you listed. It doesn't matterto the insurance company who pays the premium aslong as it gets paid.
- answered by Zarnev
Answer #4
The first named insured on the policy MUST MUSTMUST be living in the house. If he does NOT livein the house, in most states and with mostcompanies, he can be listed as an additional namedinsured on the policy (sort of like a mortgagee),without being a named insured. If he LIVES in thehouse, and you do NOT, then HE will have to be thefirst named insured, or else the house is NOTOWNER OCCUPIED!! Keep in mind, any claims thathappen on that policy, with you as a co-insured,will follow YOU when you need to insure YOUR home. Also, as joint owners, EITHER or BOTH of you canbe sued, for dog bites, or slip and fall claims(even if it's the mailman delivering mail!), orwhatever. So you BOTH need to be listed asSOMETHING.You need to sit down and talk to youragent to figure out how to set this up, in a waythat covers you both, but works for everyone.
- answered by mbrcatz17
Answer #5
please try thishref="
http://www.anrdoezrs.net/click-1748196-10425138" target="_top">help!
- answered by world k
Answer #6
Hi Mauryb, You know,for any insurance contract,there must exist insurable interest means legalsubstance.So,you cannot insure your home in yourname alone.Insurance company may not ask for legaldocuments at the commencement.They'll spring backinto action after you lodge a claim in future.
- answered by Kaushik A
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measure and fulfill your financial needs
