Insurance Journal Forums

Ok... CA personal lines professionals... time to put on your thinking caps.

Three unrelated roomates in apartment. The majority of the household items are jointly purchased by two of the roomates.
They decide that their values are sufficient to warrant purchase of coverage.

Issues presented by agents is that they can not offer coverage to more then one insured on a policy.

Seems to me that having multi polices covering the same property could trigger a few policy provisions. Not to mention the premium and deductible issues.

If you are a CA agent and can solve this problem (reasonably priced) you will have earned yourself a bind order.

This is a sample HO-4 policy problem . You need three HO-4 policies issued for all individuals renting in the same location. You must note to the carrier that there are 3 renter's in the home and they have HO-4's. The carrier will want to know each policy number and may want a copy of the declaration page for proof. That way there is no hanki-pangie going on with the roommates. The Insured's need to determine who's going to declare what property on who's policy. Or each could buy 50,000 in protection, and put in writing who is responsible for certain property if a claim arises. (private statement)
You can't have one policy and name all three. Their not married nor do they own real property together. And you can't add them on as additional insured's. The liability and medical would only be extended coverage. And again there is no connection. :huh:
In closing each individual buys their own policy and lets the carrier know there are other renters. The carrier will want the pol# and name and maybe a copy of the dec page.... B) And thank you I am not interest in small personal-line accounts. I found them to be very very time consuming and the revenue will O. Tell them to go see one of though street side insurance carrier's, that's on every corner :ph34r: ?

Actually, it depends on the company as to whether or not you can list all the of them as named insureds on the policy. And I don't really think any carrier will require all that documentation. Have them call Allstate, they can do it easily.

Actually, and I mean no offence this is how we all learn. <_< HO-4 acord, is the industry standard for all carriers. This form can be added to, but not taken away from in it's true form. Under (named insured) will defined and read what a named insured is. A (named insured): is and individual or spouse by marriage or family related and it goes on, I am not going to list all. You can not put three unrelated (named insured's) on one policy. Only if they all have the same last name and are family. This is very important, the primary insured is the first named insured on the policy, so if the insured's are not related to the primary there is no coverage. And a claim can and will be contested by the carrier. You can only add them on as additional insured. The only coverage available is comprehensive liability and premise medical. And that is up to the carrier. Most Farmers, Allstate agents, do not know these forms worth a bean's...their not trained too. If they try to form a policy this way, and it gets by the underwriter. And there's large claim, you had better believe someone's E & O will be attached.

As fore my comment concerning documentation, I said they may need proof.
Oktober, please name one carrier that will put (3-unrelated named insured on a special form policy).

American Bankers Insurance Company of Florida a.k.a. Assurant Solutions expanded their underwriting to write three unrelated roommates on one HO-4 policy. Coverage is available in California.