All Forum Posts by: Mai Vo

@Dan Marl there are so many pros and cons putting individual homes in LLC so definitely consult with an attorney. For me, properties in LLC is just more book keeping and you have to file a separate corporate return which is more money. You can increase your insurance policy and purchase umbrella policy if your concern is liability protection for putting it under LLC. However, if you do change it to a LLC make sure you add the LLC as the additional insured on your insurance policy if you are keeping insurance under your personal name.

@Huong T Nguyen unfortunately this is true across the board with all carriers due to the risk exposure.  Generally if you ask the tenant to remove it and send you a picture showing it's removed the insurance company can reinstate the non renewal.  I had the same situation as I have a three stories building apartment in Chicago.  The tenant removed it no problem, I guess they are easy going but ultimately it's your property, you set the rule.  Is there a common area/background perhaps you can recommend the tenant to move the grill to?  Another option perhaps is putting an electric grill instead if that insurance company is ok with electric. 

@Greg Rementer I would make sure to add your LLC name as the additional insured if you are keeping the insurance policy under your personal name. You can change the insurance to commercial but those are typically more expensive. If you are the only owner in the LLC you can also do the umbrella under your personal name and adding LLC as additional insure which is also typically lower in premium.

@Eric R. Dehner sounds frustrating! Every carrier has their own underwriting guideline when it come to what is acceptable for claim history. A good broker can help you find solution as there so many players out there for home insurance.  Your case is easy to find another carrier that will write that primary home insurance.  

@Ariel K. congrats!  We do apartment habitational risks as well.  Lots of carriers for that.  Stay in touch.

@Theodora Precup - different carriers have different underwriting.  I have carriers whom would not have a maximum number of roommate as long as the owner of the property is also occupying the property full time.

@Mary Jay if form a LLC is it possible for the member to be under 18? There will be costs associated with opening the LLC and maintaining it. Commercial auto are always more expensive than personal auto insurance so you have to factor in the cost difference.

If the main concern is protecting assets, you can insure the personal auto up to million (some insurance companies can go up that high in their regular auto policy) and you can get umbrella for an additional 2 million or 5 million.  If those coverage are comfortable for you in term of covering your asset and income if a detrimental accident happens,then we are good.  Once your teen is 18 I would change the ownership of the car to his name right away and have him/her take their own insurance policy.

@Kaushik Chatterjee depending on the extend of your renovation, we might have to do a builder risk policy or a vacant dwelling policy.  Until the renovation is completed and you have tenants occupying the property you can cancel the previous and change to landlord policy.  Where is the property located at?  I might be able to help.  

@Robert Hernandez if the insurance company issued a cancellation notice there is always a date of when it would take place.  Do you have a copy of the letter or you can call the carrier directly and retrieve a copy if the agent did not provide.  That way you know how much time you have and it does hurt to shop around for a back up plan now if you have time.  What state is this property located in?

@Kris L. So it's a multi family and you are living in one side and another unit is rented out?