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Updated over 1 year ago on . Most recent reply

Drew Beale's profile image
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Drew Beale
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Starting Out

LLC or Umbrella Insurance? Turning Current Residence Into First Rental Property

Drew Beale
Posted

I recently purchased a new primary residence and plan to turn my current home into my first rental property. I'm not expecting to purchase any more investment properties in the near future. With this said, is an LLC necessary at this point in time? Or will standard liability insurance + an umbrella policy suffice for now? Thanks for the input!

Quad Cities, Illinois
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Owen Rosen's profile image
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Owen Rosen
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  • from Clinton Township, MI
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Owen Rosen
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Owen Rosen
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  • Clinton Township, MI
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It all depends on what assets you have and are trying to protect.  Make sure you change your homeowners policy to a non-owner occupied policy and speak to your agent about your plans.

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