Condo Insurance in Washington
My lender has informed me that I don’t need an HO6 policy since the master policy is sufficient. However, I still intend to purchase one. I’ll be the sole occupant of the condo, but my parents co-signed the mortgage while living in their own home in a different state. Should I include their names on the HO6 policy, or is it sufficient to have just mine listed? Additionally, how might adding their names impact the cost of the policy?
It’s great that you’re considering getting an HO-6 policy even if your lender doesn’t require it. This coverage can provide valuable protection for your personal belongings and liability.
Regarding whose names should be on the policy, it’s generally advisable to list all homeowners on the policy. Since your parents are co-signers on the mortgage and have a financial interest in the property, including their names can help ensure that all parties are covered under the policy.
As for how adding their names might affect pricing, including additional insureds on the policy typically doesn’t significantly change the cost. However, the final premium can depend on various factors, including the overall risk assessment from the insurance company. It may be best to reach out to your insurance provider for a quote with and without their names listed so you can compare.
Ultimately, having your parents included can provide them with some peace of mind, knowing they are also covered in case of claims related to the property.