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    House insurance questions

    I do not want to mention a company name at this point. At least not until I get answers later this week. I'm asking here just to see if this is common and/or what my options (if any) are.

    I built a house in the country at the ranch. Once complete we needed regular home insurance. So we get the usual spill from several insurance companies about bundling auto/homes to save blah blah.

    So we choose one. A big name and rates were a lot lower than from the last one we used in the city on our older home. We had 2 cars, house in city and new ranch house (plus cabin at ranch and general liability umbrella).

    So we get it all set up, cancel our previous insurance with the other company, and have been paying for Jan, Feb.

    Now we are told since the ranch is in a family trust and not in our personal names they can't insure it so we will have to go through their commercial side/branch. I don't think I'm going too far out on a limb thinking it's going to cost more when I get the new quote.

    It feels like a bait and switch. We basically fire our other insurance that we had for years and were friends with. Now what? I guess technically insurance companies can just raise rates at certain points anyhow.

    But has anyone heard of having to go commercial when the property is in a trust?

    #2
    No

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      #3
      We tried to insure the cabin at the lease and no company would do it. Guess they figured we would burn it and get a free new cabin.................

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        #4
        Originally posted by Johnny Dangerr View Post
        We tried to insure the cabin at the lease and no company would do it. Guess they figured we would burn it and get a free new cabin.................


        Liberty mutual insured our cabin.

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          #5
          No clue on the commercial underwriter but I do know that an uninhabited property can be hard to insure at a decent rate. I remember my parents always complaining about Rural Camp insurance. We had a lake house at Sam Rayburn and another cabin on the Sabine River. When my sister and BIL purchased a place on Toledo, they went through several agents trying to get a better deal but since it was not occupied 100% of the time and not a primary dwelling, it was a PITA.

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            #6
            Ours doesn’t care....it’s USAA and the trust is named on the policy,

            I've heard of some people separating out a small portion around the house, put it back in your name then have your will create a trust upon your death.

            Depends on why you have the trust in the first place, though

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              #7
              Liberty Mutual here. Rates when up 15% on me this year. With multiple properties and autos it adds up.

              Ive been with them for more than 10 years..
              Last edited by WalkieTalkie; 02-10-2019, 07:43 PM.

              Comment


                #8
                Originally posted by RiverRat1 View Post
                I do not want to mention a company name at this point. At least not until I get answers later this week. I'm asking here just to see if this is common and/or what my options (if any) are.

                I built a house in the country at the ranch. Once complete we needed regular home insurance. So we get the usual spill from several insurance companies about bundling auto/homes to save blah blah.

                So we choose one. A big name and rates were a lot lower than from the last one we used in the city on our older home. We had 2 cars, house in city and new ranch house (plus cabin at ranch and general liability umbrella).

                So we get it all set up, cancel our previous insurance with the other company, and have been paying for Jan, Feb.

                Now we are told since the ranch is in a family trust and not in our personal names they can't insure it so we will have to go through their commercial side/branch. I don't think I'm going too far out on a limb thinking it's going to cost more when I get the new quote.

                It feels like a bait and switch. We basically fire our other insurance that we had for years and were friends with. Now what? I guess technically insurance companies can just raise rates at certain points anyhow.

                But has anyone heard of having to go commercial when the property is in a trust?

                Yes it’s quite normal for companies to not insure property in personal lines held in a trust or an LLC.

                Did you disclose that up front with them?

                You potentially could write it in your personal name with the trust listed as an additional insured.

                There may be some ways around it but it is common for it to be commercial when held in a trust

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                  #9
                  Dont know much about property in trust but have been back an forth with Insurance companies and in my experience Your old insurance company will gladly take you back and thers a good chance that you'll get a better rate then before

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                    #10
                    There are a lot of 'sales' in insurance
                    Last edited by WalkieTalkie; 02-10-2019, 07:58 PM.

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                      #11
                      ..

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                        #12
                        There are companies who make a fortune in 'reducing the amount you owe' after filing an insurance claim

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                          #13
                          Depends on the type of trust. If the true owner is a "trust", your house is not protected under the Texas homestead laws. We had a similar situation with our house we built in San Saba County. The underlying property was owned by a Limited Partnership that was owned by my wife and I. Farm Bureau insured the house with both the LP and my wife and I as insured. They were not real happy with doing that, we have been clients for 40+years. We have since surveyed the house and one acre and transferred to our individual names.

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                            #14
                            The point Im trying to make is that they will tell you what you want to hear just to get you to sign up. I log on to my Liberty Mutual account and they have me getting a UT Alumni discount and other things and I've told them that I have never been there before and have no affiliation with the University. If theres a problem I dont want for this to backfire on me.. They insist that everything is just fine

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                              #15
                              Originally posted by rferg84 View Post
                              Yes it’s quite normal for companies to not insure property in personal lines held in a trust or an LLC.

                              Did you disclose that up front with them?

                              You potentially could write it in your personal name with the trust listed as an additional insured.

                              There may be some ways around it but it is common for it to be commercial when held in a trust
                              No, I didn't tell them because I had no idea it mattered and they didn't ask.
                              I'll try to find a way around it.

                              Originally posted by txtradesman View Post
                              The point Im trying to make is that they will tell you what you want to hear just to get you to sign up. I log on to my Liberty Mutual account and they have me getting a UT Alumni discount and other things and I've told them that I have never been there before and have no affiliation with the University. If theres a problem I dont want for this to backfire on me.. They insist that everything is just fine
                              This is what ticks me off. Honest mistake? I hope so.

                              I just hope commercial is not that much more. Is that a wishful thought?

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