Land Trust Issue

Comments(7)

• 
  InActive_Account5th January, 2004

  Yes it is necessary to notify the insurance company, but not the lender.
  
  While you say that the LLC is the beneficiary, the owner both legally and equitably of the properties is the Trustee.
  
  Also, the policy type needs to be changed from a Homeowner's to a
  Landlords policy- if they're rentals.
  
  Lastly, be sure to tell the tenants (in writing) that they need to get renter's insurance covering the units contents.
  
  "norrist" is very knowledgible about this subject and the subtlities.
  I've only painted the broad brush strokes.

• 
  InActive_Account5th January, 2004

  Quote:
  On 2004-01-05 22:20, sammyvegas wrote:
  Yes it is necessary to notify the insurance company, but not the lender.
  
  While you say that the LLC is the beneficiary, the owner both legally and equitably of the properties is the Trustee.
  
  Also, the policy type needs to be changed from a Homeowner's to a
  Landlords policy- if they're rentals.
  
  Lastly, be sure to tell the tenants (in writing) that they need to get renter's insurance covering the units contents.
  
  "norrist" is very knowledgible about this subject and the subtlities.
  I've only painted the broad brush strokes.
  
  
  Who's norrist?

• 
  nbkj6515th January, 2004

  That pretty much answered my question except for one. Do I need to have this statement added: Please also add the following parties as "additional insureds" for liability purposes:
  
  My company, LLC

• 
  niravmd7th January, 2004

  norrist is probably misspelt. bruce norris.

• 
  myfrogger7th January, 2004

  Norrist is a member on this site and is very knowlegable.

• 
  juliekalt8th January, 2004

  Is a Landlord's policy the same as having a "Fire Policy" (which is what I carry on my rental props)? I have not heard that term.

• 
  zenith19121st January, 2004

  TTT
  
  I would also like to know if the LLC should or should not be mentioned on the insurance policy
  
  Thanks