It would be much cheaper for us if we could just use my name on the homeowners policy because my husband has 3 claims in the last 5 years on his Condo insurance. This is our first house and we will both be on the mortgage and there will be an escrow account for the property / homeowners insurance. Since both our names are on the escrow account, do we both have to be on the homeowners policy? With his name they want $1900, in just my name it would only be $700.
2006-06-13 02:25:43 · 5 answers · asked by 8402_w 2 in Business & Finance ➔ Renting & Real Estate
If you are both on the Loan, then yes. Most if not all lenders require that you do so. If you are the only one on the loan, then no, it could just be under your name.
2006-06-13 07:37:09 · answer #1 · answered by Anonymous · 0⤊ 0⤋
There are some lenders that only require one of the Borrowers names to be on the insurance policy, there are others that require both. It also depends what type of loan you have. Ask your lender!
Try companies other than the top three. There is a large variance in quotes between companies for exactly the same coverage.
2006-06-13 02:40:34 · answer #2 · answered by pseudo 3 · 0⤊ 0⤋
If both of you are on the note of the mtg, both of you must be on the insurance. The insurance company base the premium on the property size, cost new approach and your fico scores.
2006-06-13 03:08:10 · answer #3 · answered by Anonymous · 0⤊ 0⤋
i suggest you keep shopping is that a month? i pay $30 a month for homeowners ins my home is 300,000 but yes i do beleive the names must match
2006-06-13 02:29:36 · answer #4 · answered by benny619 3 · 0⤊ 0⤋
Hummm that's a lot more ching ching for both names. But what if you die. Will it really go to him??? You might want to think about that.
2006-06-13 02:28:09 · answer #5 · answered by Anonymous · 0⤊ 0⤋