Insureds move and don't always advise their carriers. (Photo: iStock)
One of the most standard things in a Homeowners policy is the definition of residence premises. It is the foundation for the property being insured, and at first look seems straightforward. It is the one to four-family dwelling where the insured resides, or the two-, three- or four-family dwelling where the insured resides in one unit of that dwelling, or that part of any other building where the insured resides as long as the premises is listed in the declarations page (dec).
It seems easy enough. However, insureds move and don't always advise their carriers. Insureds also generally do not read their policies and do not understand that in order for the property to be covered, the insured must actually be living in it. Until now. ISO has developed endorsements that fundamentally change that definition.
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Christine G. Barlow, CPCU
Christine G. Barlow, CPCU, is Executive Editor of FC&S Expert Coverage Interpretation, a division of National Underwriter Company and ALM. Christine has over thirty years’ experience in the insurance industry, beginning as a claims adjuster then working as an underwriter and underwriting supervisor handling personal lines. Christine regularly presents and moderates webinars on a variety of topics and is an experienced presenter.
