Anyone with a financial interest in the property must be listed on homeowners insurance. This includes the primary homeowner, co-owners and even family members residing in the home. Listing all relevant parties ensures comprehensive coverage and prevents potential coverage gaps. Understanding who needs to be listed is crucial to avoid misunderstandings and ensure everyone’s financial interests are safeguarded.
Who Needs to Be Listed on Homeowners Insurance?
Homeowners insurance policies should list all individuals with a financial interest in the property. This includes the primary homeowner, co-owners and spouses who share ownership.
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Mark Fitzpatrick
Head of Insurance, MoneyGeek
Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He has been quoted in several insurance-related publications, including [CNBC](https://www.cnbc.com/2020/04/15/cant-keep-up-with-insurance-premiums-heres-what-to-do.html), [NBC News](https://www.nbcnews.com/business/autos/flooded-cars-are-problem-their-owners-future-car-buyers-n1278493) and [Mashable](https://mashable.com/article/tesla-insurance-rates). Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.
Jonathan Ramos
Content Editor
Jonathan Ramos is an editor committed to producing user-friendly and accessible financial content, particularly for those in younger generations. Previously, he worked as a fact-checker at The Daily Emerald, the University of Oregon newspaper. Jonathan's interest in the personal finance space stems from his desire to make a positive impact on the lives of others — he helps people make informed financial decisions by using his editing skills to make complex information more digestible.
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Mark Fitzpatrick
Head of Insurance, MoneyGeek
Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He has been quoted in several insurance-related publications, including [CNBC](https://www.cnbc.com/2020/04/15/cant-keep-up-with-insurance-premiums-heres-what-to-do.html), [NBC News](https://www.nbcnews.com/business/autos/flooded-cars-are-problem-their-owners-future-car-buyers-n1278493) and [Mashable](https://mashable.com/article/tesla-insurance-rates). Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.
Jonathan Ramos
Content Editor
Jonathan Ramos is an editor committed to producing user-friendly and accessible financial content, particularly for those in younger generations. Previously, he worked as a fact-checker at The Daily Emerald, the University of Oregon newspaper. Jonathan's interest in the personal finance space stems from his desire to make a positive impact on the lives of others — he helps people make informed financial decisions by using his editing skills to make complex information more digestible.
Updated: July 10, 2024
Advertising & Editorial Disclosure
Key Takeaways
The main homeowner must be listed as the primary policyholder on a homeowners insurance policy.
Spouses, co-owners and family members living in the property should be included as additional or secondary insureds in a home insurance policy.
An additional insured is someone covered by the insurance policy, while an additional interest is a person or entity with a financial stake in the property but not covered by the policy.
Who Needs to Be Listed on Homeowners Insurance?
When it comes to homeowners insurance, the primary policyholder needs to be listed. This ensures that the person who owns the policy is clearly identified. Additionally, other individuals with a financial interest in the property or residing in the home may also need to be included. Listing the right people on your policy helps avoid any potential coverage gaps. Here’s who can be a named insured on a homeowners policy:
Homeowners
The primary owner of the home must be listed on the insurance policy. This ensures that the person with the most significant financial interest in the property is covered.
Co-owners or Spouses
If you own the home with someone else, such as a spouse or partner, they should also be listed. This provides coverage for all parties with a financial stake in the property.
Family Members Living in the Home
Any family residing in the home may need to be included on the policy. This may be adult children or elderly parents who live with you.
Other Individuals with Financial Interest
Anyone with a financial interest in the property, such as a co-signer on the mortgage, should be listed. This ensures that all parties with a financial stake are adequately covered.
Does House Insurance Have to Be in Owners Name?
Homeowners insurance generally must be in the name of the property owner. Insurance companies require the policyholder to have an insurable interest in the property, meaning they would suffer financial loss if the property were damaged or destroyed. In cases of joint ownership, all owners should be listed on the policy to ensure comprehensive coverage.
Ensuring the homeowner's insurance is in the correct name is crucial for valid coverage and compliance with lender requirements. It also provides peace of mind, knowing that the property is fully protected.
Additional Insured vs. Additional Interest
When working with your lender, you may have heard of the term "additional interest, which may be confused with "additional insured." While both terms relate to your insurance policy, they serve different purposes. An "additional insured" is someone covered by your insurance policy, whereas an "additional insured" refers to someone who has a financial stake in the insured asset but isn't covered by the policy. Understanding these distinctions is important to ensure proper coverage and avoid misunderstandings.
What Is Additional Insured?
An additional insured, also known as secondary insured, is a person or entity added to a home insurance policy. Being a secondary insured extends certain coverage benefits of the policy to the secondary insured, providing them with protection under the terms of the policy. This can include family members, tenants or mortgage lenders.
While the secondary insured gains coverage, they typically do not have the same rights or responsibilities as the primary insured, such as policy management or claim filing authority.
What Is Additional Interest?
An additional interest in home insurance is a person or entity with a financial stake in the property but does not receive the same coverage as the policyholder. This designation ensures they are notified of any policy changes or cancellations. Typically, mortgage lenders are required to be listed as an additional interest.
Mortgage lenders have a financial stake in your home. They want to protect their investment, and being listed as an additional interest helps them do that. When they are listed, they receive notifications about any changes to your insurance policy. This includes cancellations, lapses or significant modifications.
Do You Need Homeowners Insurance?
Homeowners insurance isn't legally required, but it's often necessary to protect your investment. If you have a mortgage, your lender will likely mandate it to safeguard their interest in the property. Even without a mortgage, having coverage can shield you from significant financial loss due to damage caused by sudden, unforeseen events such as fires, hail storms, vandalism or theft.
Here are some reasons to consider when thinking about whether you need homeowners insurance:
- Get Protection Against Property Damage: Home insurance includes dwelling coverage, which is responsible for the repair or replacement costs for damage caused by fire, storms and other covered perils.
- Protect Your Personal Belongings: Personal property coverage, which is included in standard home insurance policies, protects your personal items, whether it's your beloved dining set, favorite clothing or your electronics, in case they are damaged or stolen.
- Secure Yourself Against Liabilities: Standard home insurance policies include liability coverage, which offers financial protection if someone is injured on your property and decides to sue for damages.
- Get Reimbursed For Additional Living Expenses: Loss of use coverage, or additional living expenses (ALE) in home insurance, pays for the cost of temporary housing if your home is uninhabitable due to a covered event.
- Meet Mortgage Lender Requirements: Many lenders require homeowners insurance to protect their investment in your property.
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About Mark Fitzpatrick
![Mark Fitzpatrick headshot](https://res.cloudinary.com/moneygeek/image/upload/f_auto,c_limit,w_256,q_auto/v1613177245/Image_from_i_OS_825d26269a.jpg)
Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.
Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.