Tenants In Common - TIC

When a property is owned by two or more tenants. If one owner dies, the other does not automatically take the entire estate.

Investopedia Says:
When the person dies, the property portion is transferred to the descendant's beneficiary.

Ownership of property by two or more persons who do not have rights of survivorship. The share of a deceased tenant passes to that person's heirs and not to the other tenants. Because insurance is a personal contract, all parties with an interest in the property must be listed. When filing an insurance claim, the policyholder must prove there was a loss and that the property damaged belonged to the policy holder. For example, four tenants in common own a resort condominium. Only one is listed on the insurance policy. A fire destroys the condo. The insurer probably could argue successfully that the interests of the other three are not covered.