I am going to start a revocable living trust. The beneifitiary and the trustee are the same person ( my spouse). So, can home insurance be in the name of the trustee/ benefitiary in this particular case?
Or do I as the grantor have to have a policy?
I know that our insurance company was telling use we need to have a person insured, and then the revocable trust goes down as additional insured. But can that person who is insured be the spouse in this case? (*note*the question is really about if the trustee/who is benefitiary also can be the only one insured…to have adaquate coverage)…but in this case, the fact that it is a spouse I think could possibly be a deciding factor, because spouses have an insurable interest as far as I am aware.
What say you? (and please dont give me any opinions about the method and structure of ownership. We have reserached this and have our reasons….)
Update:
I spelt “spouse” wrong in the title of this question
Update 2:
…….and THANKS for your time 🙂
Update 3:
TO THE PERSON WHO ANSWERED: hopefully you will see this and elaborate .(thats the crappy part about Yahoo answers)…
I dont quite understand. My Spouse does occupy the house. Also, the trust is what will be on the deed, not a name.
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✅ Answers
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No. Homeowners insurance is when the house is OCCUPIED by the name on the deed.
As long as the deed is still in your name, and you are living in the house, you can get a homeowners policy. If you have transferred the deed to the trust, you need a dwelling fire policy – for a NON owner occupied house, as the trust is an artificial entity, and CANNOT occupy the house. Different kind of policy.
The name on the policy, has to match the name on the deed, and if that person IS living in the house, it can be a “homeowners” policy. It’s not about the trust. It’s about the deed.
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