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.


Reprinted by Permission. RealEstatePromo.com does not give legal, tax, economic, or investment advice. Real Estate Promo disclaims all liability for the action or inaction taken or not taken as a result of communications from or to its members, officers, directors, employees and contractors. Each person should consult their own counsel, accountant and other advisors as to legal, tax, economic, investment, and related matters concerning Real Estate and other investments. Copyright© 2003-2009 RealEstatePromo.com a Real Estate Investment Group. All rights reserved.

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MREIA (Metro Real Estate Investors Association) is New Jersey's oldest real estate investors group founded in 1982. Our mission is to aid, train, motivate and share information relating to real estate investing. We are dedicated to helping both beginning AND experienced investors. We serve the New Jersey-New York metropolitan area.

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