Updated over 11 years ago on . Most recent reply
Liability Insurance/LLC vs Self owned
Hey BP!
So I've been getting insurance quotes for a property I am purchasing to rent out. I was going to buy the property under a LLC, however my insurance provider stated that I would need to get a SEPARATE policy for personal liability under an LLC. This brought the price up significantly and cut my margins. So now I am considering closing under my personal name but the insurance lady stated that the maximum personal liability coverage is 300k without buying an additional umbrella policy for additional personal liability. I want to make sure I am making the right choice and hedging risk, but I am also concerned about how much is too much insurance and protection when it comes to cutting into profit margin.
Most Popular Reply
You may want to give National Real Estate Insurance Group a call. Their President is a BP member and they offer insurance with the higher liability limits and things like that.
Disclaimer: I have no affiliation other than being a satisfied customer.