Home insurance for joint owners

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gpburdell
Posts: 329
Joined: Sun Jun 17, 2012 9:01 pm

Home insurance for joint owners

Post by gpburdell »

If a house has two people (non spouses) listed on the both the mortgage and the title, do they both need to be listed on the home insurance policy?

Thanks
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quantAndHold
Posts: 10141
Joined: Thu Sep 17, 2015 10:39 pm
Location: West Coast

Re: Home insurance for joint owners

Post by quantAndHold »

That’s a question for your insurance agent, but yes, that was our experience. Same people listed on the insurance as on the title.
Mako
Posts: 499
Joined: Wed Feb 28, 2007 8:34 am

Re: Home insurance for joint owners

Post by Mako »

Say I own a home with my brother. We are both on the deed and mortgage, but only I am on the home insurance.

If someone slips and falls at my house they might sue each of us. The insurance company might represent me, but will they decline to represent my brother?

If the home burns down, maybe I just take a payment for the total loss, pay off the mortgage, and move away. Do I owe my brother anything? Even if I do, it might have been easier if the check had been made out to both of us.

Even if nothing nefarious happens...what if I die, then the house burns down? Will insurance pay my brother for the loss?

I don't necessarily know the answer to these things, but they are issues that seem they could be easily avoided.
gtd98765
Posts: 952
Joined: Sun Jan 08, 2017 3:15 am

Re: Home insurance for joint owners

Post by gtd98765 »

My wife used to own a house JTWRS with her sister. On our insurance policy the sister was listed as "additional insured" so she would also have liability protection.
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