Posted by PBoone on January 12, 1999 at 12:50:46:
These are some of our SFR’S. Liability was included in the policy.
Pat
LLC’s and Insurance EXCITED !!! - Posted by PBoone
Posted by PBoone on January 12, 1999 at 10:52:26:
We recently went shopping for insurance on 5 of our properties. Calling around we asked about insurance in the LLC’S name vs us personally, now the exciting part. We reduced our annual insurance premiums by 60% with BETTER coverage.
All of the binders went out then the phone calls started coming from lenders asking us why we did not have insurance threatening to purchase it for us at high amounts.
I spoke to each and everyone explaining we placed the insurance in our LLC to increase our coverage, reduce our premiums and Keeping the lender as first loss payee. Each lender agreed that it was acceptable to them.
pat
LLC’s and Insurance ? - Posted by Bud Branstetter
Posted by Bud Branstetter on January 12, 1999 at 12:01:39:
I make the following assumptions: This is a fire and EC policy, the title to the properties is in the LLC. Is this a commercial policy? I had to go with a commercial policy not only because State Farm only allows four personally but because of the separate entity. I can add and drop a property and the premium is prorated to the day. I can also force insurance on a property that I took back a mortgage.
Don’t forget about liability insurance for the LLC.