meaning of joint policy home contents

thrifty_pete

I am sure there are some experts on insurance in this forum who can help me understand. I am looking to renew my contents insurance and was wondering if it would be a good idea to add my lodger as a joint policyholder. I don't really understand what it means - if it is as trivial as what I read on confused.com it just means the joint policyholder can also submit a claim. But surely it means they effectively have all their possessions covered too? In the sense that the references to "you" in the policy are "You – The Person(s) named in the schedule as the Policyholder."
So with a joint policy there would be two policy holders. Can I expect the premiums to be much higher? I have had the same lodger for 6 years, so it is not like I do not know them.
I guess the downside is if my lodger made a claim, it would affect my future no-claims discount even if they subsequently moved out. I am kind of assuming a fire or burglary would likely affect property belonging to both of us. My current schedule states I have a lodger, but of course their property is currently excluded.

Pete

notanewuser

Does your insurer charge a £50 admin fee everytime you make a Chang to the policy? That could get expensive. And if you pay monthly you risk becoming financially attached.

rs65

thrifty_pete wrote: »

But surely it means they effectively have all their possessions covered too? In the sense that the references to "you" in the policy are "You – The Person(s) named in the schedule as the Policyholder."

Yes, so you would need to insure your and their contents for full replacement value.

Do they have insurance at the moment?

Why are you wanting to add them as joint policyholder?

You might limit the insurers willing to quote as they may not regarded as part of your household.

InsideInsurance

Home insurance normally covers the family's items and therefore to add your wife or partner etc is mainly a data protection thing such that they or you can discuss the policy with the insurer.

Adding a non-family member has a bigger effect because it means that their possessions start being covered by the policy

*Scarlett

If your current policy excludes the lodgers possesions then your lodger should get their own contents insurance. I assume they don't have a full financial interest in the contents of the home - carpets, furnishings, electrical goods, etc as you own these.

thrifty_pete

Thanks for your comments.
I think I'm begining to understand a joint insurance policy like a joint back account. It is probably half the cost to have a joint policy compared to me having a "normal" contents policy and my lodger having their own policy. On the other hand it is much better for them and me if they ever moved out. To me the insured risk is the same, in that a burglary or fire would likely affect us both. Neither of us have much of value, everything we own sums to less than 30k.
Shopping around for insurance when you have a lodger is a bit trickier as for example Direct Line have it as one of their assumptions that you don't have a lodger. If you phone them up, it can be added to the policy at no cost, as long as you don't have more than two lodgers and that you understand theft or vandalism by your lodger isn't covered. So you have to probably start off on comparison sites saying you don't have a lodger, then phone up the cheapest providers and check they don't mind a lodger. Fiddly!
Pete