What Kind Of Insurance On A Land Contract
What kind of insurance would you have on a land contract. Would it be regular owner occupied with the occupant as the only one named. What about the person on title, would they be meantioned anywhere?
Brenda
Let me put it like this: if you hold the deed to the house, etc., why would you NOT insure it? With yourself as a beneficiary to the extent of your interest?
And since the purchaser on the REC is getting the benefits, have him pay for it, naming you as a ben., and if he does not, then you do it and charge him for it.
When you buy the insurance just be sure and tell the co., candidly, that this is a NOO property, as deceit on your part could cost you big...and the co. might just refuse to pay you anything for a claim.
I am trying to do it straight up. Never understand people try to skirt the insurance issue. You only end up paying for a policy that will not cover you. It is worse than no insurance.
If I buy a NOO (None Owner Occupied) landlord policy and have myself as the beneficiary what covers the tenant\buyer's personal belongings. As co-insured, would his personal belongings be covered?
Brenda
private message norrist as he is the expert on here for insurance in my opinion.
Thanks for the vote of confidence, Frogger. When my I need an ego boost (such as when I am changing our youngest's diaper), I'll check your post!
John pretty much summed up the proper response:
If you own it, YOU (or your entity) should insure it. Anything else is taking a chance on not having coverage. You can PM me if you have a more specific question. Tim
Also, though the article I wrote about Subject to and the insurance dilemma may help clarify some of your questions. Though geared toward the subject to issue, there is some general info that you may find helpful. Tim