Insurance provider for “Sub to” home in California

[Edward Alicante]

Hi!

Can anyone recommend an insurance company for a sub to home in California.  Im acquiring the home by the end of the week and want to be able to get a trusted insurance company that will not trigger a Due on Sale.

Also,  is it possible to add my name on the current sellers insurance as “additionally insured” or is it better to obtain another insurance on top of current insurance and put their name as additionally insured?    What’s usually the best way to approach this?

Thanks in advance!

[Caroline Gerardo]

When you change the insurance, the lender sees it. Nothing can be done to fake the insurance company or lender to guarantee the lender won't call the loan. If you change the title, lender sees it. If the title doesn't match the insurance policy and with exact loss payee/ loan number, Catch 22. If you change the title it's a sale, the insurance in old owner's name is no match when you as new owner of record try to make a claim. Subject is considered uninsured. 

Seller takes all of the risk to his credit. If you spend money on subject all funds are at risk.

If the loan is not assumable or you can't full documentation qualify to assume the loan, understand the real risks and don't rely on a guru or chat room to back you up when there is a fire or a problem.