LLC as additionally insured on personal policy

[Jeremy Dugal]

Hello. I am purchasing a triplex as an LLC and am currently looking at insurance. I also have additional properties currently in my personal name that will be transferred to the LLC. When I contacted my insurance agent, he suggested that I insure them under my personal name and add the LLC as an additionally insured party to the policy versus getting commercial insurance. The bank seems okay with this approach. Has anyone had any problems doing it this way. Thanks

[Casey J Burkhead]

Hi Jeremy,  I have written several of my client's rental properties this way.  The only problem you might eventually run into is the Insurance Companies will have a limit as to how many landlord dwelling policies they will cover under one persons name.  There is usually a building limit and/or a unit or number of families limit.