Can co-owners of a home buy two seperate polices on the same home?
UPDATED: Oct 10, 2016
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance company and cannot guarantee quotes from any single insurance company.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
Free Insurance Comparison
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
My brother and I inherited a home. Can each of us buy an insurance policy for the house?
Asked October 10, 2016
If you and your brother both apply for a separate homeowners insurance policy it is likely that you both would be approved. However, having two separate policies will likely be a big mistake. Insurance companies have a policy that you could be reimbursed for money that you lose due to a calamity. However, an insurance company will not give you more than the money lost. Therefore, having double coverage will not result in you receiving more proceeds on the house.
In most cases having two policies on the same house could cause a huge problem. Both of the insurance companies will fight your claim saying the other insurance provider is responsible for the claim to be paid. This could mean that you and both companies will never come to a full agreement. You and your brother would be far better off carrying one policy from a quality insurance provider.
Answered October 12, 2016 by FirstLight