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Why buy your property under contract insurance from DRickard Insurance?
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Sometimes called Buyer and Seller Under Contract Insurance, Prepossession Insurance or Under Contract Insurance. The situation identified here is that the buyer of a property has a financial interest in the buildings but the deed is not transferred to the buyer. This differs from a property that has a mortgage in that the buyer has the deed transferred to their name. Many insurance companies will not write insurance in the name of the purchaser when the purchaser is not the deed holder. Understanding this is yet another reason why DRickard Insurance is so popular for income property insurance. We have choices of insurers who understand and allow specially worded insurance contracts for the purchaser. These cover the purchaser's and seller's interest in the building(s) and exposure to liability losses. So, contact us today at 607-843-8860 or insurance@drickardinsurance.com so that we can start working for you.
| NOTE: The named insured must have insurable interest in the property described as insured in the policy in order to receive eligible benefits from the policy. The insurance policy, agency, insurer, and their staff, employees, and agents are generally not qualified to define, interpret, and do not establish insurable interest. A properly executed prepossession, purchaser under contract, or similar document is needed to define the insurable interest in the absence of the deed being recorded in the insured’s name. It is the insured’s responsibility to establish insurable interest. |
If the buyer under contract lives in the one or two family home under contract, it is very likely that we may find the best insurance option to be a Homeowners Policy.
If the buyer under contract lives in the three to four family home under contract, it is possible that we may find the best insurance option to be a Homeowners Policy. More likely in the case of a Purchaser Under Contract living in the building under contract that is 3 or more residential units or a mixed occupancy building that a Landlord Policy or Commercial Policy will be the way the building is insured. In cases when the buyer is also living in the building a Renters Policy should be acquired to take care of the buyer's personal assets and liability coverage.
If the residential structure is not occupied by the purchaser under contract a Landlord Policy is likely the correct choice for the needed insurance coverage.
For more information and to find out if your tenant occupied property qualifies for the insurance policies we have found please contact us at insurance@drickardinsurance.com or 607-843-8860.
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