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Updated over 8 years ago on . Most recent reply

Account Closed
  • Investor
  • Colorado Springs, CO
10
Votes |
72
Posts

Land Trust - who should be named on the insurance policy?

Account Closed
  • Investor
  • Colorado Springs, CO
Posted

Hi Folks

Need your help please. 

On an investment property that's rented out, who is the owner of the insurance policy?

The structure of ownership is as follows:

Title to the home taken in the name of the land trust. So the title says something like '123 main st trust, John Smith trustee"

The beneficiary is a LLC.

The holding entity that owns the LLC is a Family Limited Partnership.

So there are three entities that flow down in ownership top to bottom. 

When taking an insurance policy out - who is named on the policy documents ? 

How is the policy written ? 

Thanks 

Most Popular Reply

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Wayne Brooks#1 Foreclosures Contributor
  • Real Estate Professional
  • West Palm Beach, FL
13,509
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Wayne Brooks#1 Foreclosures Contributor
  • Real Estate Professional
  • West Palm Beach, FL
Replied

The insured is the title holder, regardless of whether there is a mortgage.  No one other than the title holder, or mortgagee, has an insurable interest in the property, as far as I know.  I'm open to correction by an insurance person.

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