Quick question. Once I acquire a property ‘subject to’ from a seller what is the process for switching Homeowner’s Insurance? I have heard that some people keep the policy in the seller’s name and add themselves(the investor) as ‘additional insured’ by using a power of attorney. Another way I heard is to tell the insurance company that I am the property manager of the home and that I want the insurance switched to a ‘landlord policy’.
I am confused which is correct. If I did it the first way, I will only be ‘addtional insured’ for a short while and then the tenant/buyer will have to somehow get on the policy. If anyone knows sequentially how to do this I would greatly appreciate your knowledge. Thank you!
Sonriffic