I am buying my first Buy&Hold property and I already formed the LLC to hold the property but I am little bit confused about the landlord insurance. I asked my Allstate agent to have a landlord insurance and the policy holder to be the LLC but he said the policy holder has to be a person we can't put an entity as a policy holder. I asked my attorney he said you should have a separate policy that goes under the LLC don't put it under your name.
So could you please explain to me what the ideal solution for this.
This is something I can help you with. I'll send you a message.
You need a commercial policy, Allstate may not do commercial policies on rental property, you may have to look for another insurance company.
The correct way to insure this location is to have the policy listing the entity holding the deed as the "Named Insured". No reason to do it any other way.
Your Allstate agent specializes in personal policies and will not have the right product for you. You need to find a different insurance agent to get you the right policy.
Thank you for all the replies. I was able to get "Rental Dwelling Insurance" from State Farm that lists the LLC as the insured/Holder... Problem solved!