Has anyone successfully listed a revocable trust as “Additionally Insured” with National General, Safeco, or Farmers? If so, did you update both your home insurance policy and your umbrella policy (if applicable)?
Also, I’m interested in hearing about experiences with personal umbrella policies if anyone has any insights to share.
Just a note: “Additionally Insured” should not be confused with “Additional Interest.”
The reason I’m asking about multiple insurance providers is that I’m doing research for several family members. Some have encountered challenges when trying to add their trusts properly, while others are about to finalize their trusts and transfer property ownership, which will require insurance policy updates.
Why is this so critical? An insurance broker and my estate planning attorney informed me that some individuals who lost homes in the Palisades fires faced denied claims because they hadn’t correctly included their revocable trusts in their insurance policies.
It’s great that you’re doing thorough research for your family members. When it comes to listing a revocable trust as “Additionally Insured” on policies with National General, Safeco, or Farmers, experiences can vary quite a bit. Some people have had success doing this, while others have encountered challenges.
From what I’ve gathered, it is crucial to update both the home insurance policy and the umbrella policy to ensure complete coverage. This is especially important because if one policy lists the trust correctly but the other does not, it could potentially create issues during a claim.
Regarding personal umbrella policies, opinions and experiences can differ widely. Many find that having the umbrella policy listed under the trust can provide additional liability protection, especially with the potential for claims arising from owning property held within the trust. Some insurers may have specific requirements for this, so it’s essential to communicate clearly with the insurance agent.
Given the stories you’ve heard, such as the one related to the Palisades fires, it’s wise to ensure all policies are updated accurately. This could prevent complications down the line in the event of a loss. I recommend that your family members speak directly with their insurers and possibly involve both their estate planning attorney and a knowledgeable insurance broker to ensure everything aligns properly.