As part of your estate or business planning, you may have transferred ownership of certain insured assets—such as real estate, vehicles, or investment property—into a Trust, limited liability company (LLC), or family limited partnership (FLP). When title to an asset changes from your name to the name of a Trust or entity, it is critical that your insurance policies are updated to reflect the new ownership.
Most insurance carriers require that the legal owner of the asset be listed as a named or additional insured. If the policy still names the previous individual owner—and not the Trust or entity that now holds title—coverage may be denied in the event of a loss, even if the policy is still active.
To maintain uninterrupted insurance protection, you should contact your insurance agent(s) to confirm:
- That the legal owner (e.g., the Trust, LLC, or FLP) is properly added to each policy as a named or additional insured, where appropriate; and
- That each policy reflects the correct name of the Trust or entity.
This applies to homeowners, auto, umbrella, liability, and other relevant coverages. The process to update policies is usually straightforward but essential.
Please contact us if you would like our assistance with reviewing your asset transfers or communicating with your insurance agent.
The Blum Firm is here to support you as you complete and maintain your planning.