Trusts And Insurance
I am putting properties into land trusts in Florida and am having a heck of a time with the insurance companies. They want me as the beneficiary to put my name on the insurance policy. This defeats the whole secrecy. I am told that the policy should read as trustee and beneficiaries as their interests appear.
Any ideas or any referrals?
Thank you.
WIsh I had a referral, but the Florida insurance market is hard enough without your trust scenario. Inherently, the owner (in this case, the trust) should be the first named insured. The trust language would therefore determine how a claim settlement was disbursed. There are companies that will write a non-owner occupied, trust-owned property correctly. Tough part is finding them (obviously). Have you tried to network at a REIA-type group?