In New Jersey, if my home is transferred to a revocable trust, should the policy be changed so that the named insured is the trust and not me as an individual? If the trust is the name insured, how do I confirm that i am covered in my individual capacity for personal liability and personal property losses? I had asked my insurance company to add an endorsement to my existing policy that would add the revocable trust as an Additional Insured. They have declined to do so. They say that a new policy must be issued in the name of the trust and they would attach Residence Held in Trust (GBIC 100 15) endorsement. I don’t think that endorsement helps me in my individual capacity.
Michelle Bingham asked 4 days ago 1 Answers
Hi Michelle,
We appreciate your question, and your concerns are valid. Regardless of how the trust is listed on the policy, it is important that the policy clearly preserves coverage for you in your individual capacity, including coverage for your personal property and personal liability exposures.
If your current carrier is unwilling to structure or endorse the policy in a way that clearly confirms those protections, we would suggest considering other insurance options.
You may also want to use UP’s Insurance Checkup resource to help evaluate your coverage needs and compare available options, particularly to make sure you have appropriate protection for both your personal property and individual liability exposures.
Best, Jonathan Wilkofsky
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