house insurance question!!

[cherie1784]

What is the name of your state? PA
I'm a co-owner of a home and I was wondering if I wanted to get house insurance but the other co-owner didn't want to help pay for it can that person still benefit from the policy if anything happened to the house????Does the polies have to be in all se ib

 

[moburkes]

What is the name of your state? PA
I'm a co-owner of a home and I was wondering if I wanted to get house insurance but the other co-owner didn't want to help pay for it can that person still benefit from the policy if anything happened to the house????Does the polies have to be in all se ib

Remeber, no one "benefits" from an insurance policy. You can get a policy in your name only. The only thing that the other person would lose out on is personal property coverage, if their items were damaged by the covered event. The insurance company would not pay to repair/replace any items that belong solely to that other person OR things that belong to both of you. In that case, you would only get reimbursed for your half, which is stupid.

How are you co-owner of a house, and you and the other co-owner are so simple-minded that you can't even agree on this? Or, a better question is WHY?

 

[cherie1784]

I inherited my house from my grandmother when she past away and so did my other 5 siblings and unfortunately they don't want to pay for ANYTHING to take care of the house.
I'm the only one that lives in the house and I want to get house insurance but they don't want to help pay for it or anything that means they have to give money. So if I did pay for it I don't want them to profit even a penny from it!!!!!. What I'm trying to ask is if something happened to the house like a fire and it had to be rebuilt and the insurance company gave like $200,000 for the house to be rebuilt or whatever would they as partial owners be able to receive any of that money.

 

[Indiana Filer]

I inherited my house from my grandmother when she past away and so did my other 5 siblings and unfortunately they don't want to pay for ANYTHING to take care of the house.
I'm the only one that lives in the house

Cherie,
Do you pay your siblings rent for the house? They own 5/6 of the house, but you are the one getting the benefit of having a place to live. Unless you are paying the rent for their shares of the house, you are coming out ahead in the deal. Perhaps you could offer to buy them out of their shares, and then you would be the only owner.

 

[moburkes]

Cherie,
Do you pay your siblings rent for the house? They own 5/6 of the house, but you are the one getting the benefit of having a place to live. Unless you are paying the rent for their shares of the house, you are coming out ahead in the deal. Perhaps you could offer to buy them out of their shares, and then you would be the only owner.

See what happens when you ask the right question? See what type of response you get?

What OP fails to remember is this. With a replacement cost policy, she will only get the money if she rebuilds the home. She doesn't get to put cash in her pocket. With an actual cash value policy, the check will be written directly to her, and she won't be required to rebuild the home, BUT, her family members can SUE for their portion of the money, since they own a portion of the house that was burned down (using her example). You don't "benefit" from an insurance claim. It is only supposed to return you to the same condition you were in before the claim.