Hello All, I have recently inherited a condo in Florida from my late father I would like to rent it out. The only question I have before doing so is should I transfer title to an LLC. My main concern is protecting personal assets from liability. Also there is no mortgage on the property and I don't plan on refinancing anytime soon. So, I'm not to worried about getting a traditional mortgage or title insurance. And if anyone has been in the same situation is there anyone I can protect my personal assets from liability without transfer to an llc. Thanks
Investor · Shelton, WA · Member since 2017 · 6k+ posts · 6k+ votes
5y
@Daniel Bronstein Get a liability insurance policy. LLC's are of more use when you have multiple properties, I have an LLC for my apartment building, my duplexes are in my name.
Insurance Agent · Norwalk, CT · Member since 2016 · 2k+ posts · 1k+ votes
5y
Daniel,
First thing I would suggest is get an umbrella policy. That gives coverage if the limits of your Home, Auto, Rental Property, Boat, etc. Insurance policies are exhausted in a a claim. The policy is usually sold in increments of $1,000,000. Whether or not you set up an LLC, having adequate limits in place will help keep a claim out of your assets.