Hey guys,
I thought I'd share this little insurance story here because I think some of you have more than one homes, or property, or rental property, or other ownership arrangements...

Some 5-6 years ago, a friend bought a 2nd home, kind of as an investment for the long-term, and his mom put some money towards the purchase. Both my friend's and his mom's names are on the deed (or title). He got property/home insurance on the home/property. The house is rented out.

The home suffered an accidental fire, and is a total loss. I don't know the origin of the fire, there is no prosecution or blame game going on, the Fire Dept didn't find anything suspicious or criminal. It is ruled an accident.

Now comes the punchline - my friend went through his insurance, and their payout is only 1/2 the total loss, because only HIS name is on the insurance policy. His mom is not listed on his policy as an Insured, but she is a part-owner because her name is on the deed. The insurer isn't paying "his mom's part" of the loss, because she doesn't have a dedicated insurance policy. He has fought a brave battle, but this seems to be the way it shook out.

This is in New York state.

I just thought I'd share in case any of you have anything similar... check your policies?

Best,
- Art

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