The Name Game…By Deena James

Post written by Deena James, President of Krueger & James | Service Above Self | Proud Grandmother | Woman of Faith | Chiefs Fanatic

Deena James

Deena James

What’s in a name? A lot. We are known, both personally and individually, by our names. They define us, identify us and give recognition to our very being.

But why does your name matter when it comes to insurance? Let me share three examples we see all the time:

Divorces and Separations

Personal insurance policies are written to cover the insured and their spouse while they live in the same house. If someone moves out, they can lose their personal insurance.

The solution? On your personal home and automobile insurance policies, make sure both names, (yours and your spouse’s), are listed as NAMED INSUREDS. 

Then, if something happens to the marriage, both people remain protected even if they aren’t living in the same house.

Teens/Adult Children Moving Out Of The House

When you have teenagers or adult children moving out of your house, have them buy their own insurance policies…in THEIR name. If they don’t, they won’t have any personal liability protection. Most policies only cover children when they’re still in the house.

Starting A Business

Anytime you start your own business, you’re going to want a business insurance policy. Many times we run into situations where someone has a business insurance policy written under the name of one business, but they don’t have the actual name of their business listed in the policy. In those situations, they would have no coverage for the new business. Why run the risk?  Just add the new company name or write a new policy.

In Summary

As insurance agents, we routinely work with prospects and clients on these very issues. The solutions are simple, but you’d be surprised how often we find policies not issued correctly. Now is a good time for you to double check your own policies and see if they have all of the names listed correctly. If you have questions or want us to take a second look, give us a call at 816-471-4245.