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Samuel S.
  • Rental Property Investor
  • Metro Detroit
15
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83
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LLC to personal name for refinance - insurance concerns

Samuel S.
  • Rental Property Investor
  • Metro Detroit
Posted Oct 20 2019, 14:41
Hey BP folks, So I recently refinanced a property out of a land contract, into a 30 yr bank note. I originally purchased the property in an LLC, and the insurance was also in the name of the LLC. Due to the bank requirements, I had to quit claim the property into my personal name in order to refinance. But, as soon as it gets recorded, I am planning to quit claim back into the LLC. I just received a letter from the bank stating that I need to update the insurance policy to show my personal name, instead of the LLC as it’s currently shown as. My question is, if I do this and chance the insurance into my personal name, when I go and quit claim it back into the LLC, would I just need to have the insurance updated to show the LLC as additionally insured? Any advice would be greatly appreciated!!

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