Think you misunderstood. If the property is in your name but the insurance is not then there is no coverage. The insurance companies require the insurance be in the property owner’s name. If you took title the insurance of your seller is cancelled. Here in sunny swfla you cannot even be added as “additionally insured” to cover your bunns. I have done about 30 deals sub2 or quit claim and only one mortgage co picked up on the fact that the property changed hands, and this was in a bankruptcy case where the attorney notified the bank. I was forced to get my own policy. No big deal. Also, if the house is vacant make sure your insurance is aware of that fact. If some kids break in and start a fire, the investigator will see that no one lives there and the claim will be denied.
I need insurance help quick. I purchased 2 pre-foreclosures in Southern California last week. Title is in my name (not a trust). The homeowner’s policy has been paid through an escrow account (PITI) since the beginning.
Dose anyone have a lead for an insurance agent and/or company who will write a NOO/Landord policy for a vacant home and condo, respectively? Also, what are the logistics of cancelling the homeowner’s policy and creating a NOO/Landlord policy without ringing the due-on-sale bells at the lender?
Been there done that… If the policy is not in your name but the property is there is NO INSURANCE. Talk to your agent to find out what is required in your state as far as what you describe.