We are looking at buying a fourplex under an LLC here in TX. I'm trying to find an insurance company that can at least provide a commercial landlord insurance policy for the fourplex, and as a bonus I would like it if they also had a commercial umbrella policy that would supplement the commercial landlord policy. We have GEICO for personal umbrella on a property we own under our own name, but they told me today they don't do commercial landlord policies for anything under 5 units, and they don't have any commercial umbrella policies at all.
I could spend a ton of time calling different companies but I would love to hear from some experienced investors out there what they are using for properties under LLC's.
You may want to shop your personal and the 4 Plex. There are companies that can do the 4 family houses on a personal dwelling policy, even if owned on by an LLC. You may be able to get one Umbrella that will cover over both your home and the LLC owned 4 family. If not, have the agent look at PersonalUmbrella.com. They may be able to do it.
One caution, check with your attorney to see if using the one umbrella for both would cause an issue if someone is trying to break the LLC to get at you personally.
@Rachel Rendall I know a great agent based out of NJ but works with property owners nationwide. He works with over 40 national carriers directly, so can get you the best policy to fit your exact needs. I can give you his contact info if you PM me. We were very satisfied.
How do you post a question in the open forum? Any time I click on "Start a Discussion", it brings me to some other screen.
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