All Forum Posts by: Staton Jobe

@Caroline Gerardo - sorry for the confusion. Yes, I have hazard/fire and have already adjusted it for the LLC. And yes, it is a single member LLC

So what I take away is that I should talk to the insurer and see if they would endorse my LLC as "any estate planning entity created for (me)"...?

Thanks for all the input

@Peter Walther

Yes, it's a ALTA Homeowners Policy of Title Insurance...I have no idea what that means...again, naive...

And yes, the property is in the US (Virginia)

@Caroline Gerardo

Are you recommending hazard insurance versus title insurance? We have not purchased anything yet.

We did a Gift of Deed to transfer the title into our LLC

@Peter Walther

From my current contract:

Continuation of Coverage:

a. The is policy ensures you forever, even after you no longer have Title. You cannot assign this policy to anyone else.

b. This policy also ensures:

-Anyone who inherits your title b/c of your death

-Your spouse who receives your title b/c of dissolution of marriage

-the trustee or successor trustee of your trust or any estate planning entity created for you to whom or to which you transfer title after the policy date

-the benefeciaries of your trust upon your death

-Anyone who receives your title by transfer effective on your death as authorized by law

@Andrew S.

We paid ~$1500 in title insurance last time but I’m told it was discounted at the time since it was looped in with all other things closing costs.

Very frustrating that we lose the insurance just by transferring the home to an LLC (that we own)

@Andrew S.

We bought the home last year for $735k 

Hi - my wife and I just changed deed ownership of our first STR property to an LLC we created. When we switched over we lost the title insurance we initially purchased when we closed on the home. If we repurchase title insurance, they are quoting us at $2,000...I really don't want to pay this but I am naive of the risks.

About our home:

- Built in 2017

- 1 previous owner

- No red flags as far as title issues when we closed

How important is having title insurance? Any advice is greatly appreciated!