Can co-owners of a home buy two seperate polices on the same home?

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My brother and I inherited a home. Can each of us buy an insurance policy for the house?

Asked October 10, 2016

1 Answer


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

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