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The 'residence premises' dilemma

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.

By Christine G. Barlow, CPCU | Updated on September 30, 2015
Insureds move and don't always advise their carriers. (Photo: iStock) 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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