Need for comprehensive personal liability
My wife and I have an LLC with 3 STR Vacation properties. 2 are in Panama City Beach. We've had them for 4 years now. I've always carried a personal liability policy and just got my renewal notice. We do not self-manage, we have quality property managers. Do we need this additional coverage?
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#3 Short-Term & Vacation Rental Discussions Contributor
- Tampa, FL
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#3 Short-Term & Vacation Rental Discussions Contributor
- Tampa, FL
Not sure if anyone here can answer that - it is a personal question. Do you need it? No. You need homeowners insurance if you have a mortgage because it is required and therefore necessary. Your personal liability coverage is optional. If you should have it will likely depend on what assets you have.
Also, it may not be a great idea to have all 3 properties in the same LLC. If one property has a mishap, lets say a death, and the LLC is found liable, the judgment would go against all other properties in the LLC. If they are separated they are better protected.
- Andrew Steffens
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- 813-563-0877
