As realtors, we are not allowed to render legal opinions. All we can tell you is talk to a lawyer. I personally would go to the firm that helped you with the closing of the house since they should have all the documentation. That might save you a buck or two.
You can deed you interest to him by a Grant Deed or a Quit Claim Deed. I would have the Title Company or an Attorney prepare this for you. You will need to notify the insurance company you are not longer a party to the property and have you name removed.
Since you are not on the mortgage a Quit Claim Deed will be all that is required. Once completed send a copy to the insurance company and they should remove you from the documents. You can buy the forms pre-printed and sign in front of a Notary, or have an attorney draw one for you fairly inexpensive. Make sure the Quit Claim Deed gets filed with your County Records Clerk.