|
Part of Our Investor Insurance Series:
"Uncommon Things Every Investor Should Know" |
|
The Problem of Insuring Residential Property Owned in the Name of an LLC |
|
by Kelly Troy |
|
As an investor and insurance broker specializing in investor-related insurance, I have property owners contact me on a regular basis stating that they 'need' to purchase insurance for residential property in the name of their LLC .
This 'need' to have the LLC insured is simply not true.
When I explain to them that what they are asking for really isn't possible and that the policy must be issued in their name personally, they become very defensive and irate, and insist that I somehow don't understand what they are asking for. I normally try to again explain how the property should actually be insured, but I am almost always cut-off with the words "I don't think you understand, the property is in the name of my LLC, not my name personally." Few people are able to fully comprehend the fact that the property being titled in the name of an LLC has virtually nothing whatsoever to do with the insurance policy protecting the property and/or the individual owner.
Continue Reading
|
