Insurance structuring & provider recommendation request-Illinois
- We have exceeded the limit on the number of rental properties allowed with our current insurer. Once our last two rehabs come off our vacant policies with other insurers, we’d like to find one insurer who can cover all 9 rentals (8 single family homes and a townhouse). I am interested in recommendations and structuring tips.
- a. I need an insurer who can issue polices when the deed held is in LLC , land trust, and investor names, and add an LLC as additional insured for homes titled in investor names. With the mortgages in investor names, the insurance needs to be also be in our investor names to meet the lender insurance requirements. Our current provider cannot insure a policy held in LLC alone.
- b. Can an umbrella be applied across all the homes in a Series LLC?
- c. If we had a management LLC, how does that work with regards to insurance, is the management LLC just added as additional insured to all the policies along with the holding LLC? Do lenders who only lend to individual names freak out when they see LLCs added as additional insured?
- d. I’d also like an insurer who can sell me additional insurance in the summer to cover part time 1099 help for when the summers get crazy so I have coverage in case the assistant causes a car accident while running an errand for us, or falls down the stairs from my home office.
Thanks in advance for your help!