Insurance coverage on "Subject To" deals - Posted by Rick

Posted by ken in sc on March 18, 2002 at 13:12:27:

You will get a lot of opinions on this. I have heard many theories. But I always just buy my own policy without cancelling the old one. Yes, I know that means I pay for two, but if the deal is so close that another policy makes a difference, it may be a little close anyway! But I am not sure that the old policy would pay ME money since it was not MY policy, and at the very least it might be a real hassle or fight. By leaving the old policy in place, the lender sees nothing. I just pay for mine seperately.


Insurance coverage on “Subject To” deals - Posted by Rick

Posted by Rick on March 18, 2002 at 07:34:58:

I just bought a property “Subject To”. The renovations will start today and it will go on the market hopefully by the end of the month. Anyone and Everyone, please tell me how you handle the insurance issue without alerting the lender that the title was transferred. Thanks in advance.