insurance and LLC

[Robert D.]

hey ladies and gents, so ive been very busy with life, kids etc. ive been ready to pull the trigger on LLC'ing my properties. i was trying to get all my ducks in a row in preparation. My insurance company hit me with a whopper and i wanted to see if this was standard across the board or atleast california. perhaps there may be a work around the issue. my agent has told me that if i LLC'd my properties that the rates would double seeing as how if properties are owned by LLC's that i would have to go under a commercial policy. im thinking it would not be worth doing now. im just not feeling the double your yearly policy premiums. this has made me wonder if there were a worse case scenario what would the typical payout be but that would have too many variables to answer. ie how much i own, severity of accident... what are the typical payouts you all have seen or rather a prosecution be awarded? with premiums ive been quoted im thinking now perhaps just a large umbrella policy or liability of 1 mil, 2-3 mil???? i could use some advice. i can see and hear my bubble bursting....thanks all

[Ali Boone]

Tons of complications with LLCs. An umbrella policy will cover you fine. That's what I did! After a ton of research on it all.