USAA homeowner's insurance question

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aaflygirl
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Joined: Thu Apr 14, 2016 10:33 am

USAA homeowner's insurance question

Post by aaflygirl » Sun Oct 21, 2018 4:46 pm

Does anyone know the answer to this question as their offices are closed today. I own a property with 5 other owners (never a good idea but it was inherited) and one of us is in the military and is a full USAA member. Can we insure this property through USAA with all names on the policy? Thank you so much if anyone can help with this.

DIFAR31
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Re: USAA homeowner's insurance question

Post by DIFAR31 » Sun Oct 21, 2018 5:04 pm

I have insured a jointly owned property with USAA when only one of the owners was eligible for USAA membership. I'm sure USAA has a big document full of rules and procedures, so it may depend on the specific circumstances. Call USAA tomorrow when the offices are open, explain your situation, and get a useful answer.

arsenalfan
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Re: USAA homeowner's insurance question

Post by arsenalfan » Sun Oct 21, 2018 5:13 pm

I have USAA umbrella & "walls-in" H-06 policy that includes my 24 rental condos, all via LLC and mulitple different partners.
The LLC is named as am I on the exact address; they never asked for partners' info.

Topic Author
aaflygirl
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Re: USAA homeowner's insurance question

Post by aaflygirl » Sun Oct 21, 2018 5:16 pm

I'm concerned that if all owners aren't listed on the policy with USAA that if we were all sued, then only the military owner would be covered under the policy. Are there any non military owners listed on your policies?

arsenalfan
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Re: USAA homeowner's insurance question

Post by arsenalfan » Sun Oct 21, 2018 5:21 pm

Please ask the USAA Rep and let us know what s/he says.
Also, more info: residential/commercial rental, operating as LLC?
My understanding is that LLC insurance, then umbrella for you, covers it. And all partners should list on their umbrella policies.

PS We all are non-military.

Topic Author
aaflygirl
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Re: USAA homeowner's insurance question

Post by aaflygirl » Sun Oct 21, 2018 5:23 pm

Yes, I think that we will probably have to set up an LLC to cover all the owners, but I will call them tomorrow and let you know what they say. Thank you for your answers!

DIFAR31
Posts: 309
Joined: Mon Jan 01, 2018 5:51 pm

Re: USAA homeowner's insurance question

Post by DIFAR31 » Sun Oct 21, 2018 5:24 pm

aaflygirl wrote:
Sun Oct 21, 2018 5:16 pm
I'm concerned that if all owners aren't listed on the policy with USAA that if we were all sued, then only the military owner would be covered under the policy. Are there any non military owners listed on your policies?
Yes, a non-USAA member is listed as one of the insured. There is no LLC involved.
Last edited by DIFAR31 on Sun Oct 21, 2018 5:25 pm, edited 1 time in total.

Topic Author
aaflygirl
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Joined: Thu Apr 14, 2016 10:33 am

Re: USAA homeowner's insurance question

Post by aaflygirl » Sun Oct 21, 2018 5:25 pm

Ok, that's great news. Thank you for responding!

arsenalfan
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Re: USAA homeowner's insurance question

Post by arsenalfan » Sun Oct 21, 2018 5:27 pm

Super helpful DIFAR31.
I never thought to add the other, non-USAA partners, to the Umbrella.
Can you let me know if it costs more to add your other partners? Thanks!

DIFAR31
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Joined: Mon Jan 01, 2018 5:51 pm

Re: USAA homeowner's insurance question

Post by DIFAR31 » Sun Oct 21, 2018 5:39 pm

arsenalfan wrote:
Sun Oct 21, 2018 5:27 pm
Super helpful DIFAR31.
I never thought to add the other, non-USAA partners, to the Umbrella.
Can you let me know if it costs more to add your other partners? Thanks!
Every situation is different, and like I said, USAA probably has rules and regulations to cover every little thing. USAA insures a family property for me that is half owned by a non-USAA member and the other half is owned by a trust with two of the three trustees being USAA members. Both the trust and the other owner are named insured; I have no idea if the cost would be any different if every named insured was a USAA member.

Topic Author
aaflygirl
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Re: USAA homeowner's insurance question

Post by aaflygirl » Sun Oct 21, 2018 6:12 pm

I can let you know after I talk with them because I already have the rate with the USAA member on it.

Topic Author
aaflygirl
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Re: USAA homeowner's insurance question

Post by aaflygirl » Mon Oct 22, 2018 4:49 pm

USAA said they will add "additional insured" even though they are not military. Glad we don't have to set up an LLC. Thanks to all for your help!

arsenalfan
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Re: USAA homeowner's insurance question

Post by arsenalfan » Thu Oct 25, 2018 9:20 pm

Glad it worked out and good question!

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