Getting insurance in LLC name

[Dawn Hall]

I am going to buy a property with a SDIRA. Will need to insure it. The IRA is in an LLC. Since I cannot have anything in my own name, the insurance would be written to the name of the LLC. Are there any special considerations or issues?

[Account Closed]

Originally posted by Mitch Kronowit:

Originally posted by Michael Power:

Jeff / Why do you suggest to include your name as an additional insured? I am closing on a new home in a few weeks and the insurance names the LLC only.

I ran this by my attorneys just about a month ago. They recommend naming as many people as you can on your insurance policy. Even though your LLC may be the only one on title, if a plaintiff were ever to figure out who the LLC's members were, they would probably name them in the law suit as well. Plus, adding your name as additional insured doesn't cost anything, so why not?

Mitch: From your atty conversation, does it make any difference if the LLC is the insured or the additional insured? I see situations where the individual is insured and the LLC is the additional insured, i don't know why, I'm wondering if maybe it's more expensive to insure an LLC thus the funny arrangement.