PLEASE HELP! - Creative Subjecto Insurance

[Gio Kattan]

Hello community!

I’d appreciate your insights on a complex insurance setup for my recent property purchase.

My Setup:

• Property purchased in FL under a Trust

• Trust is owned by an LLC in FL

• Holding company LLC in WY owns the FL LLC

Situation:

I acquired the property through a subject-to (sub-to) deal, taking over the seller’s mortgage, and I’m arranging insurance coverage.

My attorney suggests I:

1. Maintain the seller’s existing insurance.

2. Obtain a new policy under the FL LLC (the beneficiary of the Trust).

3. Add the Trust as additionally insured on the new policy.

The complication is that the seller no longer holds any interest in the Trust, LLCs, Deed, or Settlement Statement, which my broker says prevents them from being added to the new policy.

I’d prefer to avoid double-paying for insurance if possible.

Additional Note: This property will be used as a short-term rental, which adds to the complexity.

Any advice on how to structure the insurance to cover all bases without redundant costs would be greatly appreciated!

Thank you!