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Can I have two home insurance policies?
I currently have a home insurance policy on my home, but I recently found another company that has coverage I’d like. Can I have two home insurance policies on my home?
Emily Maracle · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Periodically reviewing your home insurance coverage is important, so great job! While you can have two home insurance policies, it’s not necessarily beneficial.
There isn’t a law preventing someone from having multiple
home insurance
policies, but it can make filing a claim more complicated. To start, you can’t receive a payout from both companies. Since the purpose of insurance is not for financial gain, it could be considered fraud if you receive two payouts for the same damage. Additionally, insurance companies often have limitations on what they’ll cover if you have another policy in place. Even if you submit a claim with one insurer, they could say it’s the other insurer’s responsibility or vice versa, meaning you may never get your claim approved!
Beyond that, it’ll likely be extremely expensive to insure a home twice since you’d be paying for two policies.
If you like the coverage another insurer is offering, request a quote with them. You may be able to find the same coverage, plus additional benefits or endorsements, without needing to have two policies. Another option is to get an umbrella policy. An umbrella policy is a second insurance policy that extends over your current coverage. For example, if you have $1 million in umbrella coverage, any claims you make would be covered up to that amount instead of capping out at your policy’s coverage limits.
If you want to save money on home, renters, or car insurance, the
Jerry
app is a good place to start. A licensed broker, Jerry does all the hard work of finding cheap quotes from the top name-brand insurance companies and buying customized home insurance. Jerry will even help you cancel your old policy.And to ensure you always have the lowest rate, Jerry will send you new quotes every time your policy comes up for renewal, so you’re always getting the coverage you want at the best price.
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- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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