Do both parties on the mortgage need to be on the insurance?

If you have a mortgage on your property, you will most likely be required to carry homeowners insurance as a condition of your loan. However, whether both parties on the mortgage need to be on the insurance policy depends on several factors. If you and your spouse or partner are both on the mortgage, both of you should be listed on the homeowners insurance policy as named insureds. This will ensure that both of you are protected in the event of a covered loss or damage to your property. Additionally, listing both of you on the policy can help ensure that any insurance proceeds are distributed fairly in the event of a claim. If one party is the sole owner of the property and the other party is not listed on the mortgage, it may still be a good idea to list both parties on the homeowners insurance policy. This can help ensure that both parties are protected in the event of a covered loss or damage to the property. However, if one party on the mortgage is not a legal owner of the property, they may not be required to be listed on the homeowners insurance policy. In this case, the insurance policy may only need to list the legal owner of the property as the named insured. It's important to note that the specific requirements for homeowners insurance can vary depending on the lender and the type of loan. It's a good idea to review your mortgage agreement and insurance policy carefully to understand the requirements for your specific situation.