We're contemplating putting Dad's 4 rentals into LLCs.
His insurance agent is being a bit of an idiot (or just ignorant) about it... he just wants to add the LLC as an interested party to Dad's existing homeowners policy. Then got a bit facetious asking if we're going to put Dad's car and his personal home into an LLC too.
The insurance agent did state that the current umbrella liability policy would NOT provide coverage for any claims coming via the LLC.
Those of you who have rental LLCs:
1. who is the "named insured" of the LLC homeowners policy?
2. have you checked if your umbrella policy will cover you if the LLC is pierced?
3. which insurance company is your policies with?
His insurance agent is being a bit of an idiot (or just ignorant) about it... he just wants to add the LLC as an interested party to Dad's existing homeowners policy. Then got a bit facetious asking if we're going to put Dad's car and his personal home into an LLC too.
The insurance agent did state that the current umbrella liability policy would NOT provide coverage for any claims coming via the LLC.
Those of you who have rental LLCs:
1. who is the "named insured" of the LLC homeowners policy?
2. have you checked if your umbrella policy will cover you if the LLC is pierced?
3. which insurance company is your policies with?