Home insurance question for joint ownership?

EkkoEkko

Hi -- I am the part-owner of a house that I alone have lived in for the past 18 years, and my two brothers (who have their own homes) have a financial share in the house too (by the way, there is no mortgage on the house). Since my mother died, about 18 years ago, leaving the house to us, I've been insuring the house just in my own name, but it occurred to me that maybe this is not correct. Could anyone advise please?

Mark_d

Why not give the insurer a call?

Brie

It's possible that the insurance will be just in the name of the person who is dealing with the insurance, including payment and claims.  So one of your brothers might be doing that while you live in the house. 

I would suggest always having a second name on a policy just in case someone else needs to deal with things at some point. But as already stated best to phone the insurer to make sure you're doing things the way they want you to.  

EkkoEkko

Thanks. I'm leaving my present insurer and I don't know yet which company I'll be going for. But I'll sound them out on this. Meantime I just want to get a bit heads up on this.  

MyRealNameToo

EkkoEkko said:

Hi -- I am the part-owner of a house that I alone have lived in for the past 18 years, and my two brothers (who have their own homes) have a financial share in the house too (by the way, there is no mortgage on the house). Since my mother died, about 18 years ago, leaving the house to us, I've been insuring the house just in my own name, but it occurred to me that maybe this is not correct. Could anyone advise please?

Most insurers dont ask who the people on the title of the property is and similarly your insurable interest in the property is typically only tested at the point of claim. 

In the highly unlikely event of the property being a write off they may then insist that settlement is paid per the title but for 99.9% of claims they arent going to ask to see the title and will just patch up the ceiling from the burst pipe etc. 

It can be sensible to have others named on the policy but you are then looking at people that live with you. Some do allow people who dont live with you being noted as having a beneficial interest but then you are doing this over the phone not online and many run of the mill insurers won't have the facility. 

Grey_Critic

You need to inform any insurer of people who have an interest in the property. As a point of interest I was advised many years ago that I should name someone I trusted who could act on our behalf in an emergency - You might be on your holidays when the roof blows off - funny thing is insurers will insist they will only talk to someone authorised by you in an emergency. Our sons have been authorised to act on our behalf for years 

We now  have LPAs set up and and an Essential Information document giving details of Insurance, Banking, Medical etc.

EkkoEkko

Thanks for all the helpful replies

MyRealNameToo

Grey_Critic said:

You need to inform any insurer of people who have an interest in the property. 

The law requires insurers to ask all relevant questions at quote stage and they cannot rely on anything they didnt ask nor can they ask generic questions like "is there anything else we should know"

Name one insurer who asks who the owners of a property is when doing home insurance quotes @Grey_Critic

Grey_Critic

Insurers do need to know any party that has an interest in a property if it is rented. Burn the house down - collect the insurance and go AWOL - Not as unusual as you may think. The same applies to cars if it is on lease or hire purchase - there is a current thread where someone is questioning the payout. 

They do ask is the property rented/ mortgaged/ owned and even if you somehow avoid the question you have a legal duty to inform them.

 

MyRealNameToo

Grey_Critic said:

Insurers do need to know any party that has an interest in a property if it is rented. Burn the house down - collect the insurance and go AWOL - Not as unusual as you may think. The same applies to cars if it is on lease or hire purchase - there is a current thread where someone is questioning the payout. 

They do ask is the property rented/ mortgaged/ owned and even if you somehow avoid the question you have a legal duty to inform them.

 

Cars they explicitly ask who the owner and registered keeper is.

Home insurance they ask if its rented, mortgaged, owned etc but do not ask who else potentially owns it.

Since CIDRA came in they have to ask you anything they want to know, they cannot rely on you volunteering information. Sure, if it's a total loss they may investigate ownership but that doesnt mean you had to inform them beforehand. 

Grey_Critic

Since CIDRA came in they have to ask you anything they want to know, they cannot rely on you volunteering information. Sure, if it's a total loss they may investigate ownership but that doesnt mean you had to inform them beforehand. 

Just remember there is such a thing as refusal to insure - try playing games and they have the ultimate weapon they can Blacklist you and insurers do share information