Can you have two home insurance policies on the same house?
Key Takeaways
Legally speaking, you can hold multiple home insurance policies on the same property - though it isn’t always the easiest option
Insurers may decide to use a contribution clause, where they split the claim between them - but neither will pay the full amount
It might be more practical to add multiple names to a single policy for co-owned homes and homes of multiple occupancy
Can you have two home insurance policies on the same house?
You can have two home insurance policies on the same house - in fact, many do, in the case of having separate buildings and contents insurance policies. However it’s often cheaper to take out combined insurance with one provider.
You might also want to double up on contents or buildings insurance, but this isn’t usually advisable - it will cost more, and might not offer any additional useful cover. However in some cases, for example if you need specific business cover or cover against natural disasters or high value items, a specialist policy might be necessary.
Can I claim twice if I have two separate policies?
If you have separate buildings and contents insurance, you can claim on both policies in the event that both your buildings and contents are affected by an event - such as a flood or fire.
However, if you want to double up on claims for just contents or buildings, it’s unlikely you’ll get a full payout from either - they may choose to split the value of the claim between them.
But this is likely to make the claims process longer and more complicated, so not always the best idea.
How to avoid doubling up on insurance
To avoid doubling up on insurance for your home, check whether your cover automatically renews if you’re planning on changing providers so you can cancel it when you need to. Be sure to take a note of the renewal date so you know when to start comparing providers and quotes.
Can two people be listed on one home insurance policy?
Yes, you can list multiple people on a single home insurance policy, particularly useful for shared ownership homes or homes of multiple occupancy - it’s often cheaper than taking out separate policies, and less of a hassle too.
Contact your insurer, tell them your circumstances, and provide the necessary details for anyone you’re adding to your policy and they should be able to help.
Home insurance when moving home
If you’re moving to a new property, you’ll need insurance in place as soon as contracts are exchanged, while keeping cover on your current policy might be a good idea until the deal is fully complete. Once you’ve moved, you’ll need to cancel your old policy or have it transferred to your new policy.
How does home insurance for second homes work?
If you need a second home insurance policy for a second property, rather than the same property, such as a rental property or even a holiday home, you’ll need a separate policy. For example, you can take out landlord insurance for properties you get a rental income from, while second home insurance is available for properties that aren’t your primary residence.
