Name on Homeowners insurance?

[tilliepoo]

Im in Michigan..

My dad is buying a condo that will be in his name.....wondering if we can have the homeowners insurance in my name because it will be cheaper for us, or, does it have to be in his name...or, can it be in both our names, even though my name is not on the condo?

thanks

tilliepoo

 

[tammy8]

The owner must be named on the policy. You have no insureable interest in the property and are simply a renter, which you need your own policy for.

 

[moburkes]

The owner must be named on the policy. You have no insureable interest in the property and are simply a renter, which you need your own policy for.

I'm not getting the impression that OP will live there only that they are trying to save money.

OP, The person on the deed needs to be the named insured on the policy. If you are listed as the named insured on the policy, there will be no protection for your dad for any acts of negligence he is responsible for, nor for his belongings. Also, he could be "cited" and/or fined by the condo association for not maintaing proper HO6 insurance, per his contract with them.

If you believe those are risks are worth taking, then go ahead.