Posted by WilliamGA on December 09, 1999 at 06:57:32:
Russ,
I think the point of being added to the policy is that you have added protection of your investment should the place go “up in flames”, so to speak.
I am using Bronchick’s form which has a clause that states…
“In the event of destruction in whole or in part pf the property, T/B shall have the option to proceed with the closing and accept the insurance proceeds for said damage, or to declare this agreement null and void”.
I think having yourself listed on the policy just opens up more options for you in case of disaster. It lets you still keep control of the deal no matter what happens to the property.
Sandwich Lease Option Insurance? - Posted by LeonNC
Posted by LeonNC on December 08, 1999 at 11:37:02:
Can someone briefly explain how insurance is handled when doing a sandwich lease option. I leaned how to handle the insurance when taking subject to the other night in chat! Just figured I might check to see if there are any sticky spots with L/O insurance. Thanky You and hope you are having a nice day.
Posted by Russ Sims on December 09, 1999 at 02:41:43:
Hi William:
On the very first L/O I did the seller happened to be a Farmers Insurance agent. He objected to the part of my contract that called for the seller to ad me to their insurance policy: he maintained that if a fire or similar disaster occured, the homeowners policy would cover it no matter who was living in the house. Is this not true?
Thanks!