If your husband is not on your mortgage loan but is on the deed to the house can the homewoners insurance be in his name?
UPDATED: Jun 4, 2012
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Asked June 4, 2012
Standard homeowners insurance is not reliant on the mortgage to determine who can purchase coverage. As with most types of insurance, the key is to show an insurable interest in the home. There are three ways that this can be shown easily to the insurance company: by being a primary name on the mortgage, by being named on the deed, and through marriage. Any one of these situations is sufficient to show that your husband has a legitimate need to insure the property.
Now, if your mortgage company requires you to carry mortgage insurance, which is a completely different story. For mortgage insurance, the key is going to be who is named in the mortgage, so you would be able to purchase mortgage insurance, but since your husband is not listed on the mortgage, insurance companies would not issue mortgage insurance because there is no insurable interest.
If might be easier to buy homeowners insurance under your name, but the best decision is probably to determine which partner could get the best rates on coverage. For example, if your husband has a higher credit score, or some other determining factor which lowers his premiums, then he would be the best choice for the insurance plan. If, on the other hand, you would net lower premiums by purchasing yourself, then you should do so. Where all other factors are equal, the one who purchases the coverage should be the one who would be paying lower rates for otherwise identical coverage.
Answered June 4, 2012 by Anonymous