Condo Insurance in Washington
My lender has informed me that I don’t need to purchase a HO6 policy since the master policy is sufficient. However, I still intend to get one. I’ll be the sole resident of the condo, but my parents have co-signed the mortgage (they reside in another state). Do I need to include all of our names on the HO6 policy, or would just mine suffice? Additionally, how would adding my parents to the policy impact the cost?
It’s great that you’re considering getting an HO6 policy, as it can provide valuable coverage for your personal belongings and liability. Since you will be the primary resident and the primary insured party, it’s typically enough to have just your name on the policy.
However, since your parents co-signed the mortgage, you might want to consider including them on the policy as additional insured parties for extra protection, especially if they have a financial interest in the property due to the mortgage. Including them may not have a significant impact on pricing, but this can vary by insurer. It’s best to discuss this with your insurance agent to understand how naming them could affect your premium and coverage.
Ultimately, it’s important to ensure that you have the right amount of coverage that meets your needs and protects both you and your parents’ financial interests.