I recently purchased a property in my name and will have title transferred into a trust with my LLC as the beneficiary. Do i need to let my insurance agent know about the transfer or is the insurance on the property rather than property owner? Do you think they would be able to list the trust as additional insured? Any thoughts or experience would be helpful. THanks
Hey @Rob Hakes ,
You definitely want to let your insurance agent know. And it just depends on the insurance company as to how they handle it. Most will have no problem just listing the Trust and/or LLC as an additional insured. Of course this is assuming your LLC isn't associated with any kind of other business and is just there for your property investments. If there is another business behind the LLC, you may be required to get a commercial policy.
Casey is correct. You need to notify the Insurance agent or carrier. The problem if you do not notify them is that you no longer have an interest in the property. Also, the Trust would not be covered for Liability and would be the one sued if there was an incident at the property.