Joint home insurance

elfed68

I'm living in my parents old home, which I own 50% and brother and sister 25% each. Both brother and sister are married with homes of their own. I pay no rent and all contents in the house are mine.

My insurance company requires me to have all three names on the policy and if they or I claim it reflects on my or their policies.

Is this correct and required by all companies? And as all the contents are mine, why does it have to be in all three names?

Forgive me if this is a simple question, and thanks for looking.

TrickyDicky101

I would have thought the contents policy need only cover yourself (as bro & sis have no insurable interest on the contents).

I could maybe understand them needing to be noted on the buildings insurance, however.

Can you confirm what type (buildings or contents) the insurer is requiring this for?

elfed68

TrickyDicky101 wrote: »

I would have thought the contents policy need only cover yourself (as bro & sis have no insurable interest on the contents).

I could maybe understand them needing to be noted on the buildings insurance, however.

Can you confirm what type (buildings or contents) the insurer is requiring this for?

I agreed to a building and contents policy last night on the phone with Halifax but having second thoughts now because of the links with brother and sister, don't want to ruin their no claims should I have to claim.

elfed68

I've called the insurers and they've said that as I'm part owner every shareholder has to be on the policy and that there's a note on the file saying that the contents are mine only a somehow separate from the building insurance.

Does this make sense and am I better off seeking another policy or staying putt.

Many thanks