Posted by andy r on February 04, 2011 at 07:56:58 from (69.66.71.73):
I am sure some insight will be provided on this forum about this issue. I bought a farm in December on contract from my mother. I have the normal farm policy insurance in place now (includes $1,000,000 liability), although I am considering changing insurance companies. An agent at a new insurance company I am considering says my mom still should be carrying liability insurance on the farm as she is still consider an owner. I was puzzled. The contract has been recorded showing me as the new owner. If you buy a car with a loan the purchaser of the car carries the insurance. I have never heard of the car lending agency getting sued even if the car is in the lenders name. Wouldn't there be somethings similar between a farm mortage and an automotive note? Some of you surely have sold property on contract or have experiences with relatives who have. What do you think?
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