October 20, 2008
I sold a house on land contract. How should I handle the house insurance. In my name still?
Robo asked:
The insurance states he is liable, But is still in my name. Should I make him insure it, or do I keep it in my name?
The house will remain in my name until it is paid for. I want to be sure there is coverage on it.
The insurance states he is liable, But is still in my name. Should I make him insure it, or do I keep it in my name?
The house will remain in my name until it is paid for. I want to be sure there is coverage on it.
Filed under Renting & Real Estate by admin
Comments on I sold a house on land contract. How should I handle the house insurance. In my name still? »
You definitely need to insure the house as long as you own it. The person that is in the process of making payments on the house should consider a form of renters insurance to protect his belongings. If the house is financed, the bank would require you to keep insurance. If you own the house free and clear, I would still definitely keep insurance coverage on it. Otherwise, if it were to burn, the house is gone, your buyer has no obligation and you end up with a vacant lot.