What does insurance policyholder mean?
Short answer. The policyholder is the person, or people, who own the insurance policy, usually listed as the named insured on the declarations page. On a homeowners policy, the policyholder reports claims, makes decisions about the claim and must endorse the insurance checks. A resident spouse is often included in the definition, while a mortgage company is listed separately and has its own rights to claim payments.
Who is on a homeowners policy
- Named insured: the person or people listed on the declarations page. Standard forms usually treat a spouse who lives in the same household as an insured too.
- Other insureds: relatives and certain others living in the household are often covered for some purposes, but they are not the policyholder.
- Mortgagee: your lender, listed so its interest in the home is protected. It is usually named on claim checks for the house.
- Additional interests: sometimes a trust, a second lender or an association.
Why it matters on a roof claim
- Filing: the policyholder reports the claim and authorizes others, like a roofer or public adjuster, to communicate with the insurer.
- Checks: payments are usually made out to every named insured and the mortgage company, and all must endorse.
- Decisions: appraisal, settlement and releases require the policyholder.
Common snags
- A co-owner who is not on the policy, or an ex-spouse who still is
- A home owned by a trust or LLC while the policy names a person
- A deceased named insured, which requires estate paperwork
- A paid-off mortgage still listed on the policy
Fix these with your agent before a storm. See mortgage company insurance checks and how to file a roof claim.