Re: Sub2 Insurance Problem (TN) - Posted by Jim FL
Posted by Jim FL on September 24, 2003 at 01:15:58:
Maybe you have or have not tried this, but get out the phone book.
Call around to some local independent insurance agents and brokers.
Ask them if they sell “rental dwelling” policies?
When they say yes, get a quote.
When the numbers are right, just complete the application, and name the trust, or trustee as the insured, and the lender, and the trust as the loss payee.
I do seem to recall some issues with Tennessee and land trusts, something about not recognizing them or something?
Check state laws, this might be an issue as to why you cannot get a policy naming a trust.
What about a local REI club?
There should be somewhere there who can refer you to a company locally.
I know state farm allows these policies, if they are issuing in your state.
They stopped here for a while.
Bottom line, keep looking.
There has to be someone out there to cover this thing.
Might just cost a little more.