Comments on: Subject-To Real Estate Investing – How To Handle Homeowner’s Insurance http://realestate.bryanellis.com/1216/subject-to-real-estate-investing-how-to-handle-homeowners-insurance/ Unbiased Real Estate Intelligence For Affluent Investors Wed, 18 Jan 2012 15:39:40 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Dave http://realestate.bryanellis.com/1216/subject-to-real-estate-investing-how-to-handle-homeowners-insurance/#comment-24287 Dave Thu, 20 Jan 2011 00:06:06 +0000 http://realestate.bryanellis.com/?p=1216#comment-24287 Good advice. I have a great insurance broker who helps me with all of my sub-2 deals. I have him draw up all the documentstion before I have the deed so it's ready to go when I give him the green light. Never had a DOS problem yet. My only fear is for when the market gets better and banks get a little confidence back. Rates go up and they might enforce it to get a refinance out of the deal at a higher rate. Who knows? Mostly all they want are the monthly payments. Good advice. I have a great insurance broker who helps me with all of my sub-2 deals. I have him draw up all the documentstion before I have the deed so it’s ready to go when I give him the green light. Never had a DOS problem yet. My only fear is for when the market gets better and banks get a little confidence back. Rates go up and they might enforce it to get a refinance out of the deal at a higher rate. Who knows? Mostly all they want are the monthly payments.

]]> By: Thos(MN) http://realestate.bryanellis.com/1216/subject-to-real-estate-investing-how-to-handle-homeowners-insurance/#comment-12624 Thos(MN) Wed, 17 Mar 2010 14:47:04 +0000 http://realestate.bryanellis.com/?p=1216#comment-12624 Much of what I know about REI I learned from creative Googling, and from content-heavy sites like www.thecreativeinvestor.com and this one. I've been doing sub2 deals for years, and I always DO cancel the existing policy, AFTER I get a new one in place. The key is my agent. She writes all my properties, and I give her the mortgagor's name/address so she can send the right docs to them and sort out any issues.. I always leave the former owner's name on the policy as "additional insured." Then if the bank is looking for it, they see it. I get POA from the seller as part of the deal, so if I have a claim--and I've had several--I can endorse the check with authority. Even when I've screwed up and had policies cancelled on me, I haven't ever had a problem with insurance. In my experience banks don't really care who's on the policy. They're covered as long as it's insured and they're listed as the mortgage company. Much of what I know about REI I learned from creative Googling, and from content-heavy sites like http://www.thecreativeinvestor.com and this one. I’ve been doing sub2 deals for years, and I always DO cancel the existing policy, AFTER I get a new one in place. The key is my agent. She writes all my properties, and I give her the mortgagor’s name/address so she can send the right docs to them and sort out any issues..

I always leave the former owner’s name on the policy as “additional insured.” Then if the bank is looking for it, they see it. I get POA from the seller as part of the deal, so if I have a claim–and I’ve had several–I can endorse the check with authority.

Even when I’ve screwed up and had policies cancelled on me, I haven’t ever had a problem with insurance. In my experience banks don’t really care who’s on the policy. They’re covered as long as it’s insured and they’re listed as the mortgage company.

]]> By: rehelp http://realestate.bryanellis.com/1216/subject-to-real-estate-investing-how-to-handle-homeowners-insurance/#comment-12511 rehelp Tue, 16 Feb 2010 18:07:08 +0000 http://realestate.bryanellis.com/?p=1216#comment-12511 What happens to the insurance if you acquired a property, placed it in a trust and know the policy is being paid and the new trust name has been added. Is the property protected as long as there is insurance? What happens to the insurance if you acquired a property, placed it in a trust and know the policy is being paid and the new trust name has been added. Is the property protected as long as there is insurance?

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