Who Should The Named Insured Be?
Q: If I buy a house on contract for deed in my business name, should the insurance policy be in the business name or in my personal name?
A: The insurance policy should be in your business name. However, I have run into problems getting the insurance agents to put the policy into the business name. Some will and some won't. If they won't, then you can put the policy in your personal name and have your business named as additionally insured. If you are using an insurance broker, you will have a much easier time getting them to work with you. On the other hand they are typically more expensive because you don't get your family/household discounts through your normal insurance agents.
MIKE JACKA & THE REP REAL ESTATE TEAM
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