 Insurance (by Rob [FL]) Sep 21, 2020 11:25 PM
 Insurance (by Robert J [CA]) Sep 22, 2020 12:15 AM
Insurance (by J [FL]) Sep 22, 2020 6:21 AM
Insurance (by Ken [NY]) Sep 22, 2020 7:24 AM
Insurance (by DJ [VA]) Sep 22, 2020 8:12 AM
Insurance (by RentsDue [MA]) Sep 22, 2020 10:00 AM
Insurance (by J [FL]) Sep 22, 2020 4:21 PM
Insurance (by J [FL]) Sep 22, 2020 4:21 PM
Insurance (by Kit [TX]) Sep 22, 2020 10:26 PM
Insurance (by Rob [FL]) Posted on: Sep 21, 2020 11:25 PM
Message:
State Specific Question About: FLORIDA (FL)
I have investment properties, each of which is owned by an LLC. One of the liability insurance coverage policies is coming up for renewal & has increased substantially. When I asked my agent to get quotes from some other carriers, I was advised that it is almost impossible now to secure a policy with an investment property that is owned by an LLC. Are other people having this issue? If not, can you provide some advice &/or the names of companies that will write these policies in Florida for investment properties owned by an LLC.
Thank you. --69.65.xx.x |
Insurance (by Robert J [CA]) Posted on: Sep 22, 2020 12:15 AM
Message:
On my LLC properties with title in the LLC names, I obtain insurance policies with "Additional Insured" with my name, my family trust, LLC or Fictitious Business names. So the policy will cover any "name" that a tenants lawyer may sue me under and I have full coverage over all names. --47.155.xx.xxx |
Insurance (by J [FL]) Posted on: Sep 22, 2020 6:21 AM
Message:
Rob,
I used to have one property in an LLC (others were in my own name). It's been years but I believe I had Florida Family for insurance on that house and they were the only ones my agent could find who would do it. And my insurance for that place cost several hundred more a year than if I'd had it in my own name. --72.188.xxx.xxx |
Insurance (by Ken [NY]) Posted on: Sep 22, 2020 7:24 AM
Message:
I have no problem getting insurance in LLC name,maybe Florida is the problem or more likely you need a new agent.I have policies with Foremost through my local agent --104.229.xxx.xxx |
Insurance (by DJ [VA]) Posted on: Sep 22, 2020 8:12 AM
Message:
No problem getting here.
Although it does seem a little more pricey now - but, what isn't? --70.160.xxx.xxx |
Insurance (by RentsDue [MA]) Posted on: Sep 22, 2020 10:00 AM
Message:
No problem so far. They are covered under a business policy, perhaps your agent is a smaller agent that doesn’t utilize a lot of lines. We have several businesses and our agent uses different companies for different policies to maximize dollar to coverage. Took me a long time to find one that was on top of his game. --68.118.xxx.xx |
Insurance (by J [FL]) Posted on: Sep 22, 2020 4:21 PM
Message:
"I have no problem getting insurance in LLC name,maybe Florida is the problem"
It is a Florida specific problem for sure. Everything involving H.O. insurance here is a nightmare because of the hurricanes and the sinkholes.
What Robert J is suggesting -- listing it as Additional Insured -- won't work down here to get around the rules.
You might try Universal Property and Casualty. If I remember right they would do an LLC. But I think they would only do 100K in liability instead of the normal 300K. --72.188.xxx.xxx |
Insurance (by J [FL]) Posted on: Sep 22, 2020 4:21 PM
Message:
"I have no problem getting insurance in LLC name,maybe Florida is the problem"
It is a Florida specific problem for sure. Everything involving H.O. insurance here is a nightmare because of the hurricanes and the sinkholes.
What Robert J is suggesting -- listing it as Additional Insured -- won't work down here to get around the rules.
You might try Universal Property and Casualty. If I remember right they would do an LLC. But I think they would only do 100K in liability instead of the normal 300K. --72.188.xxx.xxx |
Insurance (by Kit [TX]) Posted on: Sep 22, 2020 10:26 PM
Message:
I would contact Brown & Brown through their website. I used to work for them, and they have extensive resources to find policies.
--75.142.xxx.xxx |
Reply:
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