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General

Insurable Interest

Insurable interest is the legal requirement that you have a financial stake in what you are insuring. You can only buy insurance on property or people where you would suffer a direct financial loss.

The legal right to insure something based on owning it or being financially tied to it. Example: you cannot buy a homeowners policy on your neighbor's house, even if you live next door and care about the neighborhood. You can buy renters insurance on your apartment because you have an interest in your contents and personal liability.