First Seller Finance Transaction - How to structure insurance?

[Mike Trzaska]

Hoping to educate myself on some of the tactical aspects of a seller finance transaction. I'm currently under contract on a property where the seller will be financing 80% of the purchase price. The deed will transfer to me and he will hold a lien against the property. Additionally, I will be using a private lender to fund the rehab who will hold a private promissary note. I know the seller who is financing the purchase should be listed on the insurance policy, should the private lender also be listed?

I do plan to confirm with Lawyer/Insurance Agent, but want to educate myself before going back to them. Thanks in advance.