We just had a fire on one of our rental properties, and it was not a total loss, but the insurance company paid us the total amount it was insured for, and left the decision to us to rebuild, or demolish the property.
So you could have a real problem. I would tell #1 you are going to contact her insurance company and inform them that there is to be a
loss payable clause to...
"____________ trust " or whatever the trust's name is, as the insured does not have sole interest in the property. That way, IF a fire, or tornado, or whatever occurs, and a claim is paid it will be paid to the trust, not #1
Good luck!
So you could have a real problem. I would tell #1 you are going to contact her insurance company and inform them that there is to be a
loss payable clause to...
"____________ trust " or whatever the trust's name is, as the insured does not have sole interest in the property. That way, IF a fire, or tornado, or whatever occurs, and a claim is paid it will be paid to the trust, not #1
Good luck!