Hi Everyone,
As the name states, I`m a newbie at the real estate investing/landlording field.
I`m starting out by managing a family member`s condo. The family member will be coming to live with me at my primary residence (that is in my name) and will rent out her own primary residence (condo). The condo is in her name. She called a couple of insurance companies today who said they do not provide rental insurance for investment properties unless you have your primary residence insured with them. Apparently, this is the policy for most insurance companies, and the companies that do not follow this principle charge quite a bit.
I`m trying to avoid having to put her condo in my name - is there another way around this? What if we were to leave her current condo insurance (that she had while living there) in place? Is that a big no-no?
Thanks in advance.
As the name states, I`m a newbie at the real estate investing/landlording field.
I`m starting out by managing a family member`s condo. The family member will be coming to live with me at my primary residence (that is in my name) and will rent out her own primary residence (condo). The condo is in her name. She called a couple of insurance companies today who said they do not provide rental insurance for investment properties unless you have your primary residence insured with them. Apparently, this is the policy for most insurance companies, and the companies that do not follow this principle charge quite a bit.
I`m trying to avoid having to put her condo in my name - is there another way around this? What if we were to leave her current condo insurance (that she had while living there) in place? Is that a big no-no?
Thanks in advance.
