Can my homeowners insurer sort me purchase two policies to cover respectively co-owner of one home?
My insurance company recently informed me that my fiance is not covered for loss or liability surrounded by the house that we jointly own. Our marriage date is not for a few years and they said he is not covered on our homeowners policy because he is not a relative of mine. They want me to purchase additional renters insurance for him. Is this allowed?
If your company will not schedule you both as named insureds on the policy-- budge shopping and find one that will.
You both will have to be scheduled as named insureds on equal policy or you on the condo policy and he has a renters policy of his own.
However, your insurance company is correct...if he is not timetabled on your policy as a named insured too and does not own a renters policy, his property is not covered.
Apparently the insurance considers you the owner and him a tenant. How is your house title held and who is on the mortgage note? Why don't you a moment ago get married in a minute, and avoid the issue?
Yes, homeowners companies can choose to not write a policy with two non-related society both listed as name insured.
Personally, I think it's silly to be sharing a house and living together, and "waiting" for the marriage. You could get married at the courthouse by the fall of the week, beginning of subsequent at the latest. And afterwards you don't have a problem any more.
Answers: I do this all the time, as long as you are BOTH on the creation, you should be able to be name insureds on the policy. The thing is, if at hand is a contents loss only (like a theft), both name will be on any claim check & you two would have to work out the details of who get what. If it is a solid relationship, it should be fine, but if you two are sepaprating at the time of a loss, there could be problems (which is what your company may want to avoid). Some companies may want you to be the name insured and your fiance to be an additional insured (this give him building & liability only) and then he would hold to buy a separate contents policy. If he is on the deed, he would enjoy to be at least an more insured to protect his interest in the property. If your company is not doing at smallest this, that is not well-mannered absolutely gain another company.
Shop around, see if you can get a company to put him on the policy as a name insured, as long as you do not mind a check for a covered contents loss to be in both of your name.