I’ve read some good discussion recently regarding Sub2’s and insurance, and wondered what people here do regarding this? For example, when you take over a property Sub2, do you:
A. Leave the current policy in place and get a new second policy in your name? Or,
B. Leave the current policy in place and have the seller add you as “additionally insured”? Or,
C. Something else?
The consensus I’ve heard before now was always “A”, since the original policy is now void (i.e., owner on original policy is no longer the owner of the property). However, some interesting issues were raised regarding legality and fraud. “B” sounds better in regards to only having to pay for one policy, but I wonder if there would be problems if a claim was ever filed by you (the new owner).