Owners who hold rental property through a company frequently insure it personally, or the reverse. When the named insured does not match the owner on the deed, a claim has somewhere to go wrong.
The named insured on the policy should match the legal owner of the property. It frequently does not.
Three things about ownership structure and insurance.
If the deed is in the name of a company and the policy is in your personal name, the person with the insurable interest and the person insured are not the same. Carriers can and do decline claims on that basis. It is a paperwork problem with a very expensive failure mode.
Owners move property into a company for liability reasons and the insurance keeps renewing in the old name because nothing prompts the change. The structure that was supposed to add protection ends up creating a gap instead.
Personal umbrellas cover personal exposures. Property held by a company can fall outside them, which means the liability protection an owner believes sits above the rental is not there. It needs checking rather than assuming.
Matching the paperwork to reality.
You, a company, a trust or several people. The policy should agree.
Transfers into an entity are the usual cause of a mismatch.
Entity ownership can put it outside a personal policy.
Tell us exactly whose name is on the deed, including any company or trust.
We match the named insured to the deed, which is a common and costly mismatch.
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