I have 2 properties in land trusts with my llc as the beneficiary. Do I need to notify the insurance and mortgage firms to list the change in ownership or is this not necessary?
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:
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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.
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?
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
norrist is probably misspelt. bruce norris.
Norrist is a member on this site and is very knowlegable.
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.
TTT
I would also like to know if the LLC should or should not be mentioned on the insurance policy
Thanks