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Answers (7)
Best Answer
- Andy Sims, "andysimsrealtor"
- Contributions:33
In addition to being a Realtor, I also hold a MO insurance license as well.
I know that some companies will want to write your primary insurance before they will write a policy on a second home. In some cases, yes, they will also require a commercial policy. Commercial insurance is not as daunting as it sounds, and in many cases, very affordable.
I recommend you contact an insurance broker, as they will have a variety of different companies to choose from. If the property is located in the St. Louis area, I can point you in the right direction, just let me know.
I know that some companies will want to write your primary insurance before they will write a policy on a second home. In some cases, yes, they will also require a commercial policy. Commercial insurance is not as daunting as it sounds, and in many cases, very affordable.
I recommend you contact an insurance broker, as they will have a variety of different companies to choose from. If the property is located in the St. Louis area, I can point you in the right direction, just let me know.
- stripandgonaked
- Contributions:5
Thanks Andy! Worked out great!
- Maria Morton, "MariaMorton"
- Contributions:716
I have an insurance agent who does nearly all of my investor's properties - many are LLC's - all are cash purchases. Ask your real estate agent which insurance company / agent they recommend in your area.
- Golden Girl 542
- Contributions:17
...another thought... If you are using the LLC to protect your personal assets, you can easily purchase an umbrella insurance plan in addition to the property insurance. It protects you from any liability claims brought against you in a variety of situations (auto, home & investment property)
- Golden Girl 542
- Contributions:17
I recently purchased insurance on an investment 2nd home. It was in our names, not under LLC. It cost just over 600 for a year. It holds 500k liability.
- Nerissa Spannos, "nspannos1"
- Contributions:2
I've bought rental property under LLC's, corporations, Land trusts etc. Insurance is available and easy to get, you just have to find someone that's experienced in dealing with investors
- Marjie Van Der Laan Broker, "Tall_Marjie"
- Contributions:343
We work with State Farm for insurance and they have helped us in the past with insuring properties we purchased with an LLC. I actually just got off the phone with them for another property. Maybe call them?
How to get insurance on a rental property in an LLC
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