Should House Insurance Be In Joint Names?

1. 

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   dmrozek

   Ann Arbor, MI

   This depends on how the home is titled. If it's titled in both names then, yes, the insurance should be in both names. Most insurance companies don't require both to be on the insurance but your mortgage company might. Th technical requirement follows the title. However it's titled, that's how the insurance needs to be written.

   Answered on September 11, 2014

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2. 

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   David G. Pipes, CLU®, RICP®

   Business Development Officer, T.D. McNeil Insurance Services, Fresno, California

   The insureds on the homeowner’s policy should reflect the legal ownership of the home. Normally the initial insurance policy is ordered by the title company and they make sure that the insured and the title read the same. Subsequent policies from other companies generally like to see a copy of the existing insurance and in that process they pick up the correct ownership of the policy. The one place where this doesn’t always happen is when the ownership of the property is transferred to a living trust. The living trust should be included as additional insured at a minimum.

   Answered on March 3, 2015

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