Does it make sense to have a joint household insurance policy?

To couples who share everything – home, car, name, bank account, the idea of not sharing a home insurance policy can feel odd, especially if both their names are on the mortgage deeds.

There is typically only one single policy holder per home insurance policy in the UK, but that’s not to say that you can’t add another person as you would with a car insurance policy. This is less likely to have a bearing on the cost of your premium as it does with car insurance, but under some circumstances it may affect cost. You may however find yourself having to pay more in administration fees if you decide you would like two people on one policy.

What’s the point of having a joint policy? Claims can only be made by the named policy holder, and they are also the only one who can cancel the policy. However normally someone else can amend or discuss the policy with the provider, so long as they have the policyholders permission to do so. This might be useful when the policyholder is away or busy, and needs their partner or spouse to make amends to the policy without delay and it’s more convenient for them to do so.

Make it work for you Insurance is not like a mortgage in the legal weight it carries, so there is certainly no obligation for you to have a joint insurance policy. For some, it might be the easier option, such as if the policyholder is away from home a lot and their companion wants the reassurance that they can make a claim if needs be. If this is the case then you can check with your insurance provider as to whether or not there will be a charge for amending the policy, and decide whether it’s worth the additional cost to do so.

For more advice on your home insurance, feel free to call our team at Schofield Insurance Brokers on 0113 2500377.