Can I insure my parents’ home in my name?

UPDATED: Jul 21, 2010

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UPDATED: Jul 21, 2010Fact Checked

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Asked July 21, 2010

1 Answer


The deciding factor for the insurance company is going to be whether you have an insurable interest in the home. Are you paying the mortgage for your parents, or managing their income for them? Is this the only home insurance policy, or are you talking about a secondary policy?

If you are the person responsible for paying the mortgage, you may be able to insure your parents' home in your name. It will not be necessary to live in the home, simply to demonstrate that you are the person responsible for the home and its contents. In this situation, you will probably need your parents to sign a waiver assigning the insurance benefits to you.

You cannot take out an insurance policy on your parents' home if you do not hold any obligatory interest in the home. In a situation such as that, it would make more sense for you to pay the insurance in your parents' name and allow the policy to pay out to them in the event of a catastrophe.

Insurance companies will not want to over-insure a home. If the dwelling is already covered on an insurance policy owned by your parents, taking out a second policy is redundant, and could have the unpleasant effect of causing both insuring companies to deny the claim if one is made. The purpose of homeowner's insurance is to recoup a loss, not to make an outrageous profit.

Answered July 21, 2010 by Anonymous

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