Home Insurance Canceled

I bought a home Sub2 and moved into it. I later found that the insurance was cancelled when I bought it. I need to know how to get insurance without alerting the bank.

Should I have the seller put it back on, making me additionally insured? If that’s the case, I should just have them make it into a landlords’s policy now right?

Howdy Swtprop:

Several ways to fix your concern:

Get sellers to set up trust and put title into trust.
Get sellers to get policy like you said
Get sellers to name you as their management company for the property and then you can handle the insurance as their agent.

Hope one of these works

Thanks for your reply Tedjr. I had the property placed in trust already. Do I still need to have the seller go to the insurance company or can the trustee do it himself?

The reason I ask is the seller doesn’t want to do much with the property. I would put my foot down on the situation and tell them they need to do the insurance themselves or I may walk, if I wasn’t living in it. My wife now has an emotional attachment to it and makes it a little more difficult.

Have the trustee buy the policy, not the former owners. Besides the mortgage company list the mortgagee as an additional insured “as their interest may appear.” You should have a power of attorney if you have to sign off on an insurance check for them. With the trustee as the owner of the house and the owner of the insurance policy there is no problem.