Can I take out a joint home insurance policy?
Home insurance in the UK typically has a single policyholder. That’s the person who applies for the insurance and in whose name the policy is written. For a married couple, a family or co-owners of a property, wouldn’t a joint home insurance policy be more logical? Let’s find out.
Home insurance in the UK typically has a single policyholder. That’s the person who applies for the insurance and in whose name the policy is written. For a married couple, a family or co-owners of a property, wouldn’t a joint home insurance policy be more logical? Let’s find out.
Can I take out a joint home insurance policy?
While home insurance typically has just one policyholder, it is possible to take out a joint policy if you want to.
For example, you might want to name your spouse or partner as a joint policyholder if you have a joint mortgage together, or if the deeds of the property are in both your names.
What are the benefits of a joint home policy?
While adding a joint policyholder isn’t compulsory on home insurance, without it the other person won’t be able to make a claim or cancel the policy.
However, someone could typically change and discuss the policy if they have permission from the policyholder.
Ideally, though, a joint policy would avoid the hassle of more paperwork and a longer claims process should something happen to one of the policyholders.
For example, if your home insurance policy is in one name only and the policyholder dies, their insurance provider will need to be informed so the policy can be transferred into the surviving partner’s name. As well as the death certificate, they may also want proof that the surviving partner has a legal right to remain in the property. So, if you’re married, you might also need to send them a copy of your marriage certificate.
If you don’t tell your insurance provider that the single policyholder has died, you could find yourself without any cover at all. Ultimately, a joint policy would make the whole process smoother, more transparent, and would ensure your home insurance is still valid if one of you passes away.
What are the disadvantages of a joint home policy?
Some insurance providers will charge an admin fee for the privilege of adding an additional policyholder to an existing home insurance policy, so be sure to check with your insurance provider for details.
The cost of your home insurance might also be affected if the additional policyholder has a claims history, a high-risk occupation or a criminal conviction. They will also have to declare any bankruptcies, IVAs or CCJs in their name. These factors could push up the cost of your premium if you take out a joint policy.
Do I need joint home insurance?
It’s really up to you. A joint policy gives you both the same control and either one of you can make a claim without any hold ups and possible need for more paperwork.
From a practical viewpoint, a joint policy may make sense if you both have legal right to the property. And if you have a joint mortgage, your mortgage provider might insist that you take out buildings insurance in both your names.
Just remember, though, contents insurance will cover all family members of your household, even if the policy is only in one name. Adding an additional policyholder may incur an administration fee and might even push up the cost of your premium.
Compare home insurance
It’s always better to weigh up the financial and practical implications before rushing into a hasty decision. The best way of finding out how adding another person’s name to the policy will affect the premium is to compare policies with and without additional policyholders and see what you’re actually quoted.
Comparing home building and contents insurance is really simple. Compare today to find out what you could save.
Frequently asked questions
Who can be a policyholder on a joint policy?
In insurance law, a policyholder can only be someone who has an ‘insurable interest’ on something they want to insure. So, for buildings insurance, their name would need to be on the mortgage or title deeds.
For contents insurance, the policyholder must have a legal right to the items and possessions they want covered under the policy.
Do I need joint home insurance if I have a joint mortgage?
You should check with your mortgage lender. Most require you to have buildings insurance in place as a condition of their mortgage offer. They may be happy with just one name on the home insurance policy or they might ask for you to be both named as policyholders.
Are my family covered under a single home insurance policy?
Yes, when you take out home insurance under one name, the policy will also cover close family members that live with you, for example, your spouse, partner, children or parents.
I live in a shared house. Can I get joint contents insurance with my housemates?
It’s certainly an option and, in some cases, it might work out cheaper to have collective contents insurance. Just be aware that if one of you makes a claim, it will be recorded on your claims history. This could affect the price of your home insurance in the future.
If you’d prefer to organise individual cover, you could always choose contents insurance for your room only.
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Helen Phipps - Car and home insurance expert
Having worked in both sides of the industry, Helen’s a real insurance expert. She’s worked directly with several insurance providers and now Comparethemarket. She’s always searching for the cheapest prices for customers and is passionate about saving people money. Being married with two kids, Helen knows all about the cost of living and the benefits of having the right products and insurance for the whole family.
Rachel Lacey - Insurance and money expert
Rachel’s a self-confessed money nerd who’s been writing about personal finance for more than 20 years. She spent 17 years writing for Moneywise, including a few years as Editor, and likes making complicated subjects like insurance, pensions, investing and tax, easy for people to understand.