Whilst it is not mandatory for joint property owners to be named on an insurance policy, it is highly recommended to ensure full protection.
🏡 Who Should Be Listed on the Policy?
✔️ At least one legal owner must be named as the policyholder.
✔️ If the property is jointly owned, both names can be included for added security.
✔️ If the property was financed by a home loan, the lender may require that all joint owners are named on the policy.
📌 Why Should Both Owners Be Listed?
🔹 Ensures that both parties have equal rights to make claims.
🔹 Helps avoid complications during claims processing.
🔹 Protects both owners’ interests in case of disputes and liability claims.
💡 What If Only One Name is on the Policy?
- The named policyholder will be the primary contact for claims and policy updates.
- The other owner may still be financially responsible but won’t have direct policy rights.
- If the property is rented out, Landlord (Commercial Home) insurance can also be issued in one or both names.
If you’re unsure whether both names should be included on your home policy, contact Laferla for guidance.