I'm putting a duplex under contract today about an hour away from Aiken, SC. This will be the first property I've purchased with partners through a newly formed multi-member LLC. My other properties are in my personal name. The broker I've used for my other properties says they can't insure it because the partners are not family members. Does anyone have recommendations for brokers that could help in this situation? I do have a call into the NREIG that I found here on BP, but would like to shop around if possible. Thanks for your help!
Seems like you need a different type of policy that your broker does not do. I would initially ask them if they recommend any commercial insurance brokers that can help you out. If not, a quick google search in your area for commercial insurance companies near you could help.
I would recommend contacting several Independent Agents who represent Multiple Insurance Companies. More companies are accepting LLC's under personal policies. Some have the restriction to family members while others are less restrictive. One other LLC area that can cause issues with companies is if the LLC is used for other operations (ie. your contracting business, real estate sales, etc..).
@John Mocker Thank you for the insight! Fortunately, I don't run any other business operations out of this LLC, so that should make things easier. I have a few agent/broker recommendations now and plan to start working with them today.