It makes sense that the home being insured has to be listed under the name of the person who owns the residence—but what about “additional insured?” Your homeowner’s insurance policy will outline the details that you need to keep in mind when it comes to property and liability coverage.
When a homeowner’s insurance policy lists “additional insured,” know that people other than the home owner and even organizations can be under the policy’s property and liability coverage. This could include blood relatives, a spouse, other people who have the owner’s permission to live in the house and are not renters, and even an organization operating from within the home.
In the event that the home owner passes away, the estate becomes temporarily insured, with coverage expiring at the end of the policy period. Even if the property is purchased or inherited by a blood relative, the homeowner’s insurance policy does not automatically transfer. Whomever inherits or purchases the property will likely need to negotiate with the insurance company regarding the coverage that had been in place while working to secure their own homeowner’s insurance policy on the property once it has officially changed hands.
When you’re ready to switch your homeowner’s insurance, give us a call! We’ve been helping clients save money and protect their homes for decades. Our team can make the insuring process smooth and painless so that you can live worry-free. To reach us by phone, call (715) 754-5254 or (920) 822-3695. You can also email us at firstname.lastname@example.org or visit www.yourpremierinsurance.com to learn more.