Profile picture for KeepCalm

How to get insurance on a rental property in an LLC

I am using an LLC to purchase a rental property with cash, and I need insurance on the property and I am getting the run-around from the insurance companies.  Some say I can't do it with an llc, and I need to get commercial insurance.  Others say they need to insure my car or my primary residence before they can do investment property.  Is there an easy way to do this?  Anybody have any suggestions?
  • November 14 2011 - West End
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (7)

Best Answer

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.
  • November 15 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for KeepCalm
Thanks Andy!  Worked out great!
  • December 05 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

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.
  • November 24 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Golden Girl 542
...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)
  • November 17 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Golden Girl 542
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.
  • November 17 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

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
  • November 15 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

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?

  • November 15 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.