When a home insurance policy is written, any person who is named on the Deed of the home must be a “Named Insured”. This simply means that the names on the policy must match the names on the Deed. This is because if multiple people own the home, multiple people should be reimbursed if something happens to that home.
If your home is mortgaged, the mortgagee or finance company must be named as a “Loss Payee” or “Mortgagee” on the policy. Finance companies will be sure to check that they are listed on the policy so that their financial interest is protected, and they are paid if something happens to the home.
There are other cases in which people should be named on your policy. If you have a girlfriend/boyfriend, common-law spouse, or unrelated person living in your home, you may want to list them as an “additional insured” on the policy so that the liability portion of your policy extends to cover them, and the policy covers their personal belongings in case of a loss as well. Children do not need to be listed on the policy.