Insurance Specific On Rental Property In Personal Name

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Insurance Specific On Rental Property In Personal Name

Patrick Q.
Investor · Jersey City · Member since 2020 · 132 posts · 21 votes

Hi All,

I am hoping to pull the trigger shortly on a 2 family property.

The property would be purchased in my personal name shortly that I have made an offer on.

In terms of insurance.

What kind of insurance coverage should I get to best protect the property and also to shield my self personally?

I guess I am looking for advice and the specific terminology I would use to request a quote for said insurance.

Any help/advice would be greatly appreciated.

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  • Tony Wilcox
    Insurance Agent · Member since 2020 · 177 posts · 76 votes
    5y

    Patrick, you should get a landlord policy, along with an umbrella to protect you personally. I would also consider working with a broker who can shop with many A rated companies to find you the best rate for coverage.

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  • Ryan Thomas
    Realtor · Scottsdale, AZ · Member since 2019 · 125 posts · 51 votes
    5y

    @Patrick Q.

    Hey Patrick,

    I'm a commercial insurance broker. I 100% recommend using an independent insurance brokerage as well. The entity name does not really matter. As you grow you will likely want to use an LLC but it's common with smaller investments to use your individual name. Might want to consult with an estate attorney on that one though. As far as insurance goes it does not matter how you file your taxes. Make sure to use a competent broker who has the knowledge and resources to handle your growth. Let me know if I can help with anything!

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  • Patrick Q.
    OP
    Investor · Jersey City · Member since 2020 · 132 posts · 21 votes
    5y

    @Ryan Thomas

    Thank you.

    0Reply
  • Patrick Q.
    OP
    Investor · Jersey City · Member since 2020 · 132 posts · 21 votes
    5y

    @Tony Wilcox

    Thank you.

    0Reply
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