Can we insure rental property owned by a living trust?
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UPDATED: Jul 10, 2013
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Insurance Question from Davenport, FL
Asked on 07/10/2013
Can we insure rental property owned by a living trust? NULL
Answer given on July 16, 2013
If you own property in the name of a living trust, you can insure it the same way you would insure it if in the name of individuals. This applies to a owner occupied home or a rental property.Most insurance companies will make the named insured as the trust and if you have a claim, the claim check will be made out to the trust. This could complicate the settlement and cashing the check if your bank account is not also in the name of the trust. If it is on the bank account, then you shouldn’t have any problems.The insurance company may be willing to name the trust as an additional insured, and have the policy in your individual names. This can make it easier to handle any claim settlement. Discuss this with your insurance agent and see if they have a recommendation.
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