All Forum Posts by: James Kim
James Kim has started 29 posts and replied 89 times.
Post: Who should be primary named insured?
- Investor
- Los Angeles
- Posts 89
- Votes 23
Hi Trevor,
Thanks for getting back, much appreciated. But yes, the loan is in my personal name and i deeded it into my land trust where the LLC is the trustee. The insurance is under LLC as primary insured, with land trust and me listed as additional named insured. Is that ok?
Thanks
James
Post: Who should be primary named insured?
- Investor
- Los Angeles
- Posts 89
- Votes 23
Hi Trevor, appreciate the response. One question, if the mortgage is under my personal name and the insurance has LLC as primary named insured and myself as additional named insured, would the mortgage company accept the insurance?
Thanks!
James Kim
Post: Insurance carrier recommendation for LLC named insured
- Investor
- Los Angeles
- Posts 89
- Votes 23
Quote from @Tony Wilcox:
I like Auto-Owners, Foremost, Obie, and American Modern in Ill for primary insured as an LLC
@Tony Wilcox thanks! I messaged you seperatly.
Post: Insurance carrier recommendation for LLC named insured
- Investor
- Los Angeles
- Posts 89
- Votes 23
Quote from @George Skidis:
As a licensed agent I have two companies that I know will do this. If you ever do business in Illinois give me a call.
@George Skidis, if i ever go into IL ill give you a ring. Thank you!
James Kim
Post: Who should be primary named insured?
- Investor
- Los Angeles
- Posts 89
- Votes 23
Hello,
in a land trust structure with an LLC trustee and beneficial owner (where you are the grantor of the land trust and 100% owner of the LLC), and the property was deeded to the land trust with the llc named on the deed as trustee. When it comes to landlord insurance who should be listed as the primary named insured? The land trust or the llc? The other would still be listed as additional named insured. Or does it not matter as long as both are listed as either primary names insured and additional?
Thank you in advance !
James Kim
Post: Insurance carrier recommendation for LLC named insured
- Investor
- Los Angeles
- Posts 89
- Votes 23
Quote from @Andrew Bish:
Hello,
This should not be an issue for landlord policies. I've got to recommend you seek a local broker who can shop the market for you and is also interested/willing to learn an investors needs.
In Illinois, I like Steadily for 4 units and under, Honeycomb can go do more units as its a commercial policy form. But of course, it all depends on each specific risk. Not sure how competitive they are for your needs, but both allow the named insured to be a business entity, while other insured interests can be a variety of entities.
It can be more difficult if it is an owner-occupied-primary-residence... however, for a landlord policy you should be alright shopping the local insurance market.
Hi Andrew, much appreciate your feedback!
Post: Insurance agent referral
- Investor
- Los Angeles
- Posts 89
- Votes 23
Hi everyone,
Does anyone have an insurance agent or company (specific contact?) they work with that is familiar with LLC as named insured and could make a referral? Looking for someone that's familiar with investor situations as well as responsive. The properties in question are in Texas.
Thank you!
James Kim
Post: Insurance carrier recommendation for LLC named insured
- Investor
- Los Angeles
- Posts 89
- Votes 23
Hello,
I have a couple options for this, but does anyone know any insurance agents or company's that are familiar with land lord insurance where an LLC (that owns the real estate) is the named insured and they issue policies as such? Obviously I'd like to also have myself and my property manager as additional named insured too. Any recommendations would be appreciated!
Thank you
James Kim
Post: Land trust with LLC trustee Insurance risk
- Investor
- Los Angeles
- Posts 89
- Votes 23
Quote from @Chris Wade:
Hi James! I've known National Real Estate Insurance Group (NREIG) to insure land trust setups like this in the past, so you may want to check with them!
Hi @Chris Wade, thank you very much for your feedback. I will check with NREIG.
Regards,
James Kim
Post: Land trust with LLC trustee Insurance risk
- Investor
- Los Angeles
- Posts 89
- Votes 23
Hello and thank you in advance.
If a rental property is put into a land trust with an LLC as trustee, where you own the LLC 100%, and want to put the LLC as a named insured on the rental property insurance, there are some insurance company's that allow it and some that don't claiming too much risk. Has anyone run into this issue? Do you have any insurance company you can recommend that are more flexible in adding LLC's in this context as a named insured?
Thank you~
James