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 5 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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