- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Winter Olympics
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Vacant Lot Insurance
Posted on 7/21/23 at 12:37 pm
Posted on 7/21/23 at 12:37 pm
I looked in the pinned topic, but didn't see anything about insurance to pay off a loan on a vacant lot.
So, I have a vacant lot that I'm trying to sell. I have liability insurance on it but I was thinking that I should get a policy that would pay off the loan should anything happen to me. Would this be a simple life insurance policy? If so what's the ideal policy? Term?
This is strictly an investment and the first person to come along at the right price it's sold. However, if I pass before it's sold I want it to go to my nieces and nephew without the burden of a fire sale or the burden of the monthly note.
Any suggestions are appreciated. TIA
So, I have a vacant lot that I'm trying to sell. I have liability insurance on it but I was thinking that I should get a policy that would pay off the loan should anything happen to me. Would this be a simple life insurance policy? If so what's the ideal policy? Term?
This is strictly an investment and the first person to come along at the right price it's sold. However, if I pass before it's sold I want it to go to my nieces and nephew without the burden of a fire sale or the burden of the monthly note.
Any suggestions are appreciated. TIA
1
Posted on 7/21/23 at 12:54 pm to Notro
Term coverage, to answer your question.
Do you not have any life insurance coverage presently?
Assuming you die, the benefactor would just need to pay the lot note until it sells.
You are talking hundreds to a few thousand dollars, I presume.
Do you not have any life insurance coverage presently?
Assuming you die, the benefactor would just need to pay the lot note until it sells.
You are talking hundreds to a few thousand dollars, I presume.
Posted on 7/21/23 at 1:36 pm to meansonny
I have a $50K policy to through work. Also, I forgot to add the nieces and nephew are children...no income. Damn child labor laws!!! 
Posted on 7/21/23 at 1:43 pm to Notro
Feel free to get more coverage as you feel responsible.
I presume you aren't leaving things to minors (i.e. your siblings are listed in your will and life insurance?)
$50k should be more than enough to dig a hole. And the remainder can pay the monthly note until the property sells.
But again... no one will hate you if you have more coverage.
I presume you aren't leaving things to minors (i.e. your siblings are listed in your will and life insurance?)
$50k should be more than enough to dig a hole. And the remainder can pay the monthly note until the property sells.
But again... no one will hate you if you have more coverage.
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News