Homeowners Insurance and Names on the Policy

[DwightKSchrute]

White.Beard.Doc wrote:

I think keeping your name on only the insurance is a good idea. Your assets are protected, but you are not a direct owner and therefore not responsible for any adverse event.

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Thanks for the quick reply

So nice to have this resource for physicians. I could not get a direct answer from my insurance company despite 3 phone calls today.

[White.Beard.Doc]

I think keeping your name on only the insurance is a good idea. Your assets are protected, but you are not a direct owner and therefore not responsible for any adverse event.

[DwightKSchrute]

White.Beard.Doc wrote:

The most important thing is that you have adequate insurance to protect you in the event of a lawsuit.

Do you have an umbrella liability policy attached to the rental property? That is most important to protect both you and your spouse.

Whether your assets would be at risk depends on which state you live in and how your assets are titled. But irrespective of those details, a good umbrella policy would reliably protect both of you under almost every circumstance.

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Thanks for your reply

Yes, we have an umbrella liability policy attached to the rental property

I'd prefer not to disclose my home state but our primary residence and assets are titled as tenants by the entirety. For this reason, I thought it would make the most sense to remove my name as much as possible from this rental property. My name is not on the deed but appears on the homeowners insurance policy which is why I was wondering if it was worth the effort to have my name removed from the policy.

[White.Beard.Doc]

The most important thing is that you have adequate insurance to protect you in the event of a lawsuit.

Do you have an umbrella liability policy attached to the rental property? That is most important to protect both you and your spouse.

Whether your assets would be at risk depends on which state you live in and how your assets are titled. But irrespective of those details, a good umbrella policy would reliably protect both of you under almost every circumstance.

[DwightKSchrute]

My spouse owns a rental property that is solely in her name.

Both our names are on the homeowners' insurance policy however.

Should I request to have my name removed from the insurance policy to shield myself from potential lawsuits?