Home Insurance Dilemma
All experienced SUB2 investors:
I took a property SUB2. The property was insured by Travelers. I called them and said that I would like to change the policy to a Landlord policy and add the name of my company as additional insured (I had to take title in the name of my LLC instead of the Land Trust - the attorney was so screwed up she insisted that I open a bank acct in the name of the Trust and also to get a EIN number before closing - we just ran out of time and the seller did not have patience)
The underwiter from Travelers came on the line and told me they will not write a Landlord policy - since it was titled in the name of a company she considers this as a commercial policy. She also made the policy non-renewable and was going to terminate the policy within 30 days...
HELP! If I take another policy who should be the primary insured? shd it be the name of the seller and my company as additional insured? Will this trigger DOS /alert the bank? Please provide suggestions....
Sounds like that Sub-2 is already in the drink, unless others know good trick(s).
For the future, get POWER OF ATTY to do whatever with the insurance/claim. Get notarized. $Cash$ teaches this way.
Sam
Please review this and advise if you have questions. Good luck, Tim
http://www.thecreativeinvestor.com/modules.php?name=News&file=article&sid=472