JV Property Insurance

[Passion4RE]

Hello,

I am working towards my first JV. The title and mortgage will be held by the investor (personal) with JV paperwork to follow (Corporate).

My question, how do most people setup the insurance? My corp has rental property insurance, can I add this property to our insurance policy? (JV paperwork clearly shows 50% ownership and insurance paperwork shows the mortgage company.)

If possible, I would like to add this property to my insurance to save costs.



Thank you in advance for all the help.

 

[angelapeng]

Talk to Park Insurance. They can help you set up a group insurance and add your JV property on it. I did my JV in June exactly the same way. Since the title and mortgage are all under money partner's name, hence the money partner is the beneficiary. Park insurance has experience to deal with this, since it is a JV deal, they put your name as beneficiary as well.