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If I'm not on the mortgage, can I still get homeowners insurance?

I'm listed on the deed for the house, but my parents are on the mortgage. They don't want to deal with the insurance, but can I get homeowners coverage if I'm not on the mortgage?

Feb 2, 2024 Memphis, TN

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Nathan Foster

Agency Trainer

  • Licensed Insurance Agent - Property and Casualty

Nathan is an insurance professional with a focus on creating positive customer experiences with more than 10 years of industry experience.

Nathan tra…

Thank you for reaching out to The Zebra! The short answer is yes, you should be able to get insurance on the house, but it might not be straightforward. You will likely have to make a couple of calls to get this sorted out the way that both the insurance company and mortgage company want.

You will need to have your parents reach out to the mortgage company to see what requirements they have for the home insurance policy. Technically, the mortgage company has partial ownership of the home. God forbid a tornado destroys the house, the mortgage company would need to be reimbursed for the part of the loan your parents haven't paid off. This is what we fancy insurance folks call "Insurable Interest". It means if someone (or a company) puts money into a property, then they have a financial claim to that property until the loan is paid off.

In terms of insurance, once you understand what the mortgage company needs then you start comparing insurance companies to see how, and if, they can give you a policy that fits the mortgage company's requirements. Each insurance company is a little bit different. They might want you as the named insured and your parents and mortgage listed as "Insurable Interest" (sorry, had to use the fancy term again). Other insurance companies might want your parents listed as the insured, with you and the mortgage company listed as Insurable Interest.

The moral of the story is to have your parents find out what their mortgage company requires. From there you can find out if they can revise their current policy or if you need to get a new policy. If you need to get a separate policy, you can call our agency to get a personalized quote for you at 888-444-8949. This might take a little leg work, but at the end of the day you need to make sure the home is covered so if something happens, the insurance company won't deny the claim.

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