Anyone who lives in your home or property is usually covered by homeowners insurance. Children, family members, spouses, and full-time students under 21 who are out of school are covered by home insurance. The insured named in a homeowners policy is the legal owner of the home, that is, the names listed on the property deed. No other insured person is included in a homeowners policy.
Insured simply means covered by the terms of the policy. Other policyholders may only be covered by some provisions. It all depends on the insured's status and the terms of the policy. An insured person designated in a homeowners plan is any person eligible for coverage under the policy.
Airlines usually automatically include the policyholder and their family members who live in the house, including spouses, when the owner obtains a policy. Housing coverage covers the structure of your home, including walls, floors, windows and roof. Built-in appliances, such as ovens, are also often included in home coverage. If your home has an attached garage, porch, or deck, these would also be included in your home's coverage.
If your home is destroyed, your homeowners insurance company isn't likely to simply write you a check for the amount listed in your policy. You would pay your share of the repair cost, known as a deductible, and then the insurer would pay the rest, up to the limit of your home's coverage. Keep in mind that home insurance is not the same as mortgage insurance, which you may have to buy if you spend less than 20% off your home loan. Insurance providers can issue a policy to unmarried couples when they both own the property, but this is a rarer circumstance.
So, if you own the property and your spouse moves out after you're married, you can call your insurance provider to add you as a named insured on your policy. Sometimes called “additional living expenses,” the loss of use section of your home policy can be useful if your home is too damaged to live in. If you can't add your partner to your home insurance, your partner won't receive coverage under your policy. Homeowners insurance pays if an event covered by your policy damages or destroys your home or belongings.
Technically, you're not required to put your homeowner's policy under a joint name if only one spouse owns the property. As it seems, coverage for other structures offers insurance for structures on your property that are not attached to your home. A standard home insurance policy covers jewelry only in the event of theft, fire, or other designated events, not for accidental loss. The property owner, that is, the person whose name appears on the home title, generally participates in the homeowners insurance policy.
Nor will you pay for injuries or damage caused by a car accident (your liability insurance will cover them). No owner of a home, such as the minor children who reside in the house, cannot insure a property that is not their property. To protect their belongings and limit their exposure to civil liability, they'll need a renters insurance policy (even if they're not renting). Even the most comprehensive home insurance policy won't cover everything that could go wrong with your home.
