All Forum Posts by: Dan Trinh

I faced the same issue a year ago and my insurance agent walked me through it to make sure the insurance company got everything corrected. What you wrote above is the best option; Trust as the 'Name Insured' and the other has put another property as 'Additional Insured'. That's how my policies are written.

By the way - did you Quitclaim the property to the Trust? If so, did you check with the Title company to make sure the insurance carries over?

Hi Matthew, I spoke with my insurance and had them put the Trust as the 'Named Insured' rather than 'additional insured'. Sounds to me like this is the most common and safest practice.

1 Vote

Originally posted by @Jason Bott:

Dan, as an insurance broker, I just wanted to agree and second everything Jer has stated above.

With the way your policy is written above, I do not see a way the insurance company could deny a claim if the property's title states "Dan Trinh Family Trust" as the owner.

Thanks Jason, that definitely alleviates my concerns. Glad to hear it from another insurance broker.

0 Votes

Originally posted by @Jer Yeung:

oh - as for the coverage, there has to be an interest in the property insured in order for insurance to pay a claim on a property. Either of the options will get that job done. In many cases, if it's a matter of Dan Trinh vs Dan Trinh, trustee of the Dan Trinh Trust, insurance companies will overlook it and pay a claim to the trust (legal owner of the property), as that was the intent of the policy purchased. I have run into a situation where an insurance company has been a real stickler on something like this though... best to get it straightened out the way you did.

Hi Jer,

thanks for the helpful advice. it helps alleviate my concerns. Could you elaborate on 'as for the coverage, there has to be an interest in the property insured in order for insurance to pay a claim on a property.' i don't quite understand.

Also, right now My insurance is is like this:

Name Insured: Dan Trinh

Additional Insured: Dan Trinh Family Trust

Do you think this is acceptable or does the name Insured need to be: Dan Trinh, Trustee of Dan Trinh Family Trust.

Thanks for your help!

0 Votes

Hi Everyone,

So my properties are in a trust. However, my insurance for these properties was under my name only. I just discovered recently that that is a HUGE mistake, being that if anything were to happen, my insurance won't cover it since the property deed is under the trust and not myself. ( I corrected for this huge mistake).

I've spoken to my two insurance companies and one of them has put the Trust as the 'Name Insured' and the other has put another property as 'Additional Insured'.

Which is better and does it matter?

Thanks!

1 Vote

Hi Guys,

So i am also looking for an umbrella policy. I have several properties across two states with different insurance carriers. I can't seem to find a company that will offer an Umbrella policy to cover this (all of them want all the properties to be under one insurance company).

I've tried the big companies like All state, progressive and state farm. I also tried other commercial properties like ReiGuard.com (aka. nreig.com).

Hopefully someone may have some other suggestions or luck finding a company that can do this type of policy under my circumstances?

0 Votes

Good evening guys,

So I have a trust with my properties named in it. Today i got off the phone with my rental insurance company and they told me I should really have the trust as the insurance holder rather then myself. Is this really necessary? I'm trying to understanding why its important. Right now everything is under my name rather than the trust.

Also, if that's the case, what else would i need to rename to the trust?

So far I have:

1. Insurance

2. Deed? (I don't think as its under already under my name)

3. HOA

4. Utilities

5. Property manager

It would be probably a lot of work and right now i'm not sure why it is necessary. Any info would be appreciated. Thanks!

0 Votes

So i'm wondering how do I calculate insurance premiums for tax purposes?

Lets say my coverage starts June 15th 2017 to 2018 and its $400, and my next premium is from June 16th 2018 to 2019 for $500.

If i'm looking to get deduction on my 2018 premiums, would i divide by 365 days for the $400 and $500 and figure it out that way?

Thanks!

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Originally posted by @Matt Tallent:

@Dan Trinh No you dont. What I did was before you buy anything open a checking account just for that house and get a debit/credit card. Then get quickbooks and hook it up to that bank account. Quickbooks cost me 21$ a month well worth the time saved and a tax write off. So you got your bank account and quickbooks linked. When you go anywhere and swipe your card quickbooks will pick it up and you just go in and select what type of expense it was. For your mortgage you will have to journal out the principal, interest, insuarance, and taxes on quickbooks. At the end of the year print out the profit and loss statement which is free and send it to your cpa. I actually just am getting approved for lending again and I used my quickbooks report as part of the preapproval package they look very professional. Hope that helps!!!

Thanks Matt! I've been thinking about getting some short of rental software. Definitely would save me a bit of time rather than going through the statements by hand!

1 Vote

Thank you everyone for the insightful information. I will continue to look into it. Perhaps I will make a trip to Las Vegas soon!

0 Votes

All Forum Posts by: Dan Trinh

Dan Trinh has started 9 posts and replied 30 times.

Post: Putting Trust on the Insurance?

Post: Putting Trust on the Insurance?

Post: Putting Trust on the Insurance?

Post: Putting Trust on the Insurance?

Post: Putting Trust on the Insurance?

Post: Who to get for Umbrella Insurance Policy for 20+ Properties?

Post: I have a trust - Now what do i have to put in its name?

Post: How do you calculate insurance premiums during tax time?

Post: Do i need to create a business to deduct business expenses?

Post: Do i need to create a business to deduct business expenses?