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Tom Rineberg, Real Estate Pro in 32259

Does anyone know how my homeowner's insurance will be affected if putting my primary residence in a land trust?

Asked by Tom Rineberg, 32259 Fri Jun 15, 2012

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I personally put my home in a trust last year and nothing was affected.
My carrier was fine with it and the only change that was needed was to identify it to my mortgage company. Rate remained the same and all is good.
If you are putting your home in a trust to battle the banks that's not a bad idea, however, it's a long drawn out process and no guarantee. However, you may want to consider a strategic short sale and have the bank pay you to move and have your debt forgiven.
If you'd like to speak more about it. I'm here to help, no obligation counseling.
Tom Rineberg
Lic Re Broker
Spectrum Realty
(904) 338-4837
0 votes Thank Flag Link Wed Sep 11, 2013
Putting your insurance in the name of the trust may not affect your rate at all. It depends on the company you are insured with. Some companies will allow a trust to be listed as the primary insured and some will not. Some of the companies that won't allow a trust to be listed as the primary insured may let you put the trust on the policy as an additional insured. Not sure if that will be good enough, your attorney who formed your trust would know best. We write them all the time and would love to help if you need it.
0 votes Thank Flag Link Mon Jun 18, 2012
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