Insurance needed for rental under llc

[Ryan Bird]

I have a property in an llc. What are all the insurance needed for rental? Here is the list I gathered from previous posts that I wanted to confirm.

1. Fire dwelling policy with llc as name insured and owners as additional

2. Commercial liability insurance (LLCs umbrella insurance?)

3. Personal umbrella and add rental property

Is this comprehensive? If it’s an llc should I get commercial or personal insurance for 1?

[Jason Bott]

@Ryan Bird Don't get too concerned about the names of the policies as companies can name there policies different;  Landlord Policy, Rental Dwellings, Fire Dwelling, etc.  

Sorry if I wasn't clear, but the coverage you ask for from your agent will dictate the policies they place for you.

If you want Property coverage on a rental property, your agent would get you a Fire Dwelling policy.  If you lived there, they would get you a Homeowners policy with Landlord Liability.

If you want Liability for up to $1M for your personally owned property or LLC, then you would purchase General Liability.

If you want more than $1M in Liability coverage, you would an Umbrella policy.  That policy would be Commercial or Personal depending on what else you wanted to add under that Umbrella.

Hope that helps