Weehawken, NJ · Member since 2015 · 31 posts · 14 votes
I own a three-family rental property in Hoboken NJ that is owned in an LLC. Policy for this property is pushing $5000 with a ~1 million replacement value $1 million liability. My other properties are owned personally and the policies are much better priced. Anyone recommend a company that had good pricing on policies for LLCs
More companies that we write with are accepting the LLC ownership. They will generally ask if the LLC has any other operations (like construction) and if the LLC members are all family members. I would do some shopping with independent agents who write for Multiple companies. If you do not have luck finding agents PM me and I will let you know what companies we use in NJ and you can check their websites for agents.
Check the Replacement valuation. The value should be the cost to rebuild from the foundation up. If your structure is stone or brick construction you may be able to get a company that will use the Functional Replacement cost (rebuilding with wood frame construction).
@Rich Zellmer - I pay about $1500/year through USAA in central Jersey for a 300k rebuild cost property so it seems in line with that amount. Insurance is one of those deductible joys. I am assuming you have an umbrella above the $1m liability and require (and verify) renters insurance? I once bought a house for 87k and they made me pay for a policy with a 350k rebuild cost even though I could buy any of the 1910 row homes in town for $150k Max