What Hazard Insurance Do I Get?
I am about to close on a property, and I will be placing my first tennant/buyer in the property on a lease option. My question is what kind of hazard insurance policy should I get? Non-Owner or Owner? I think it is Non-Owner, but I am buying the property with owner financing. Any help?
[addsig]
Non-Owner since you more than likely do not want to cover personal property.
Big Red,
Will you (or whatever entity under which you operate) take deed/title? (I assume so, since you are closing).
If so, you need a non-owner occupied landlord-type insurance contract. Your tenant/buyer needs renters insurance to cover their personal property.
Hope this helps...
Tim