Insurance for Property Held in an IRA

[Rob K.]

I am interested in how others are handling insurance for rental property held in an IRA.

Do you name your custodian as primary insured with yourself in some form (I.E., Name of IRA Holder) as an additional insured, visa versa, or is the named insured identical to the manner in which the property is titled?

Do you potentially run afoul of the no personal benefit rules governing IRAs if as an individual you are in some manner named in the policy? Taken one step further, if you have an umbrella policy for yourself in place to cover multiple properties outside of the IRA, do you run afoul of intermingling rules for IRAs if you include your IRA under your personal umbrella?

I am assuming that even though you have a property properly in your IRA, if there is some reason for a third party to bring a suit in connection with the IRA property, there is a high probability that you are going to be named personally under some theory. You obviously would want to be covered and defended individually if there is a claim under the IRA policy, but you don't want to impact or run afoul any personal separation rules for the IRA investment.

Thanks.