Condo Insurance Query – WA
My lender doesn’t require an HO6 policy since the master policy is sufficient, but I still intend to purchase one. I will be the sole occupant of the condo, while my parents have cosigned the mortgage (they reside in a different state). Do I need to include all their names on the HO6 policy, or is it enough to have just mine? Also, how might adding them to the policy impact the cost?
It’s great that you’re taking the initiative to get an HO6 policy for your condo, even if your lender doesn’t require it. Regarding your question about naming on the policy, you typically only need to include the name of the person who will be living in the condo and is the primary insured, which in your case is you. However, it’s often wise to include your parents’ names as additional insureds since they are co-signers on the mortgage. This can help provide them with some level of protection and ensures that the insurance covers the interests of all parties involved.
As for pricing, adding additional names to the policy might not necessarily lead to a significant increase in premium, but it can vary by insurer. Factors like credit history, the specific coverage options you choose, and the location of the property will likely influence pricing more than the number of names on the policy. It’s a good idea to discuss this with your insurance agent to get a clear picture of how these factors might affect your specific situation.