Can an insurance company only pay 25% of an entire claim, based on 25% ownership?
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Can an insurance company only pay 25% of an entire claim, based on 25% ownership?
I co-own a property as joint tenancy (total 4 family members). A fire destroyed the house and the insurance policy has only one named insured(one family member) and the mortgage company listed. The adjuster asked for a copy of the deed showing percent ownership of the property.
Asked on May 4, 2015 under Insurance Law, California
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 8 years ago | Contributor
You are only entitled to an amount of compensation equal to your loss. If you are a fractional owner of property, you would only get proportionate fractional compensation (e.g. 25%), since to give you more would be to enrich you beyond the extent of your loss--and insurers do not have to do that. They only have to make you 'whole," or compensate the loss you actually suffered.
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