Possible Insurance Claim Issue?
Hello Everyone,
I'm purchasing an investment property in Memphis, TN and wanted to verify the information below is not problematic.
Through research, I came across that Name Insured should equal name on deed, otherwise, it'll be problematic when I try to file a claim.
The insurance policy I want to go with has a program that's associated with the company I'm purchasing the property from, in that, it's more cost effective.
The way the policy is setup is that, the property management company is the main Named Insured as they are the policy holder. It allows them to handle any claims on my behalf, including signatures and payouts. I'm the Named Insured on the property. The Insurance agent said that the insurance company views it this way and most lenders do not have any issues either.
Is this fine?