Posted by David on April 29, 1999 at 11:32:01:
I’m not sure if my last message got through, so I will recap:
You can simply add your name to the policy without having to change it over. The insurance company does not notify the lenders if a name is added to the policy. To cover yourself in case of a fire etc., have a seperate contract ( make sure it is notorized )stating that you will collect all of the insurance payout ( not the original owner ).
This should get you around the insurance problem. Hope that helps !