Households at this level frequently hold property in a trust for estate reasons. That is sensible planning, and it creates a question about whether the insurance still covers the right party.
If a trust owns the property, the trust generally needs to appear on the policy. A personal umbrella may not reach it otherwise.
Three things about owning things through an entity.
When a house moves into a revocable trust, the owner on the deed changes even though nothing about daily life does. If the policy still names only the individuals, the party with the insurable interest and the party insured are no longer the same, and a carrier can raise that at a claim.
Most carriers will add a trust as an additional named insured on request, frequently at no cost. The difficulty is not the process, it is that nobody tells the insurance agent when the estate attorney finishes the paperwork.
If the homeowners policy names the trust and the umbrella does not, the layers no longer describe the same arrangement. Both need updating together, and that is the step most often missed.
Matching the policies to the paperwork.
Individuals, a trust or an entity. The policy should agree.
It usually has, and usually nobody told the insurer.
The umbrella is the one that gets forgotten.
Tell us whether any property is held in a trust or an entity.
We match the named insured to the deed, on both layers.
Request a quote