Home Insurance
Home Insurance

Can Home Insurance be in the Name who does not Own a Home?

Most insurance companies require the person acquiring the policy to have an insurable interest in the property. Owning a house or car is an insurable interest, meaning there is a reason to want the policy or coverage. Since your parents own the house, the homeowner’s insurance policy should be in their name. Homeowners insurance is essential coverage that every homeowner needs. What does homeowners insurance cover, and how will it protect you? Here are some factors that affect insurance premiums in New York and what home insurance covers.

Some people think homeowners insurance is unnecessary, but it is a necessity. Would you want to insure various items such as clothing, furniture, and electronics against fire, theft, smoke damage, explosions, and water damage from burst pipes in your apartment? Without homeowners insurance, you will have to pay for your replacements.

Getting Home Insurance NYC

Homeowners insurance protects your home and its contents from damage or loss due to theft, fire, or vandalism. It may also cover situations such as liability and personal injury.

Although homeowners insurance is not required by law to be purchased in New York State, mortgage companies will require you to have this insurance for them to extend financing to you.

  • In addition, if you purchase a co-op or condo in New York, you must purchase separate insurance for the unit.
  • You will need to purchase additional flood insurance. It is a good idea to have flood insurance, especially if you live in a flood zone.
  • Purchasing a blanket policy is an option to cover items not generally covered by homeowners insurance.
  • Insurance premiums in New York are generally higher than the national average.

What is House Insurance?

If someone is injured on your property, you are covered. For example, your dog bites your neighbor Sam, and your insurance company pays for his medical bills. You can file a claim if Sam comes back injured and breaks your expensive blue and white ginger jar. 

  • If Sam later returns and steps on a piece of the ginger jar that has not been clean.
  • So,  successfully sues for pain and suffering and lost wages, you may also be entitled to compensation.

Do I need home insurance?

Of course, you do.House insurance is not an afterthought or a luxury item. It is a necessity. If you are buying a condo, banks and mortgage companies require it before they will give you a loan. If you cannot accept that you must have homeowners insurance, remember that even tenants who do not own their apartments need insurance. Many landlords insist that tenants purchase renters insurance.

What exactly is House insurance?

While coverage may vary depending on your policy and the area in which you live, homeowners insurance provides more coverage than you might imagine, giving you peace of mind and financial protection in the event of a disaster or accident in your home.

Various catastrophes

Homeowners insurance covers the interior and exterior of your home against vandalism and damage. This includes fire, hurricanes, lightning, vandalism, and other catastrophes. The insurance company will cover the home so that it can repair or completely rebuilt.

Personal Liability

Homeowners insurance also covers loss or theft of your property and damage to third parties. The most important aspect of having insurance, however, is coverage for damage to your neighbor’s property caused by leaks or spills from bathtubs, sinks, and toilets.


If you live in an apartment with a flat below, you need overflow insurance. The most common damage is when an overflow occurs in your apartment and causes water damage to the roof of your downstairs neighbor.

Author Bio

Lily Poole is a Property and Home Insurance officer by profession. She is pretty well experienced in the nyc homeowners insurance and accounting field and has an impressive profile in the training and development industry.

Lily Poole is a Property and Home Insurance officer by profession. She is pretty well experienced in the insurance and accounting field and has an impressive profile in the training and development industry.