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Updated over 5 years ago,
LLC to personal name for refinance - insurance concerns
Hey BP folks,
So I recently refinanced a property out of a land contract, into a 30 yr bank note. I originally purchased the property in an LLC, and the insurance was also in the name of the LLC.
Due to the bank requirements, I had to quit claim the property into my personal name in order to refinance. But, as soon as it gets recorded, I am planning to quit claim back into the LLC.
I just received a letter from the bank stating that I need to update the insurance policy to show my personal name, instead of the LLC as it’s currently shown as.
My question is, if I do this and chance the insurance into my personal name, when I go and quit claim it back into the LLC, would I just need to have the insurance updated to show the LLC as additionally insured?
Any advice would be greatly appreciated!!