If a house is insured as a TDP-1 under Texas Fair Plan?

Question

in an individuals name, but the deeds and titles to the house is in an partnership LLC corp, will claims be covered since it no longer is in an individual's name but in a company name. Im thinking that it wouldnt because it is now under a business name. Anyone that is in TX that knows the Fair plan would be great!

Answer 1

There is currently no coverage on the building since the deed was changed to an LLC.  A fair plan dwelling fire policy may only be for properties in an individual or individuals names so they may not be able just to "transfer" the policy.  Most policies are not transferable anyway, even between individuals in the same family.  

Call the agent that issued the policy, tell them what you have done with the deed & they will probably have to get you a commercial habitational policy.  You will have to start a new policy with a new application & new premium payment.

Answer 2

Just contact the Fair Plan and have them change the named insured to your company name......it's obviously tenant occupied property, right?  Just contact the issuing agent and have them make the change.

Be sure that you have some type of Lessor's Risk liability policy in force to protect the company.

Good luck and I hope this helps!