How to increase liability coverage on co-owned house?
Free Insurance Comparison
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
My wife inherited a 1/3 interest in a house- her 2 sisters have the other 2/3 ownership interests. Existing insurance policy has only one sister as named insured.” Liability limit is only $100,000.00 and agent will not raise that higher unless the named insured sister allows it, which she will not. How do my wife and I get increased liability coverage? This is in Missouri, and we are pursuing a partition sale of the house, but that will take many months.””
Asked April 3, 2018
1 Answer
If you co-own a house and want to increase the liability coverage on your homeowners insurance policy, you can usually do so by contacting your insurance company or agent. Here are six steps you can follow:
- Contact your insurance company or agent: You can call or email your insurance company or agent and request to increase the liability coverage on your homeowners insurance policy. You may need to provide some information about the property and the co-owner(s) of the house.
- Review the options: Your insurance company or agent should provide you with different options for increasing your liability coverage. This may include increasing the coverage limits or adding an umbrella policy.
- Choose the right amount of coverage: It's important to choose the right amount of liability coverage for your situation. You should consider factors such as the value of the property, the number of co-owners, and any potential risks or hazards on the property.
- Review the policy: Once you have chosen the amount of coverage you want, review your policy to make sure it reflects the changes you requested.
- Pay any additional premium: Increasing your liability coverage may result in a higher premium. Make sure you understand how much the additional coverage will cost and be prepared to pay any additional premium.
- Keep your insurance company informed: If there are any changes to the co-ownership of the property, make sure to inform your insurance company or agent so they can update your policy accordingly.
Answered April 5, 2018 by HelloSure