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Updated over 8 years ago on . Most recent reply

User Stats

96
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15
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Braden Hobbs
  • Rental Property Investor
  • Denver, CO
15
Votes |
96
Posts

LLC Liability Insurance Question

Braden Hobbs
  • Rental Property Investor
  • Denver, CO
Posted

Hello! We're under contract on our first rental property here in Colorado. We've been chatting with insurance brokers and a couple things have come up that I'm not sure about and don't know if they brokers really know either.

The property will be owned in the LLC's name. We plan to insure the property under the LLC's name with a dwelling policy for replacement value, and $500,000 liability coverage, along with an umbrella policy in the LLC's name. Because we're also self managing the property, my concern is that we're leaving the members of the LLC susceptible to being sued because all insurance is in the LLC's name. Or does the LLC and it's insurance inherently protect the members?

Thanks for your input!

Most Popular Reply

User Stats

397
Posts
244
Votes
Derek Lacy
  • Insurance Agent
  • Maitland, FL
244
Votes |
397
Posts
Derek Lacy
  • Insurance Agent
  • Maitland, FL
Replied

Depends on form. Only the broker representing could tell you. But usually members would be covered in their capacity as member. Email for a more specific answer.

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