Question Details

Jerry, Real Estate Pro in 20020

Investment property insurance

Asked by Jerry, 20020 Tue Jul 1, 2008

I have a real estate investment LLC which I am a member of. I am the only member in the LLC. I recently purchased an investment house which will be used as a rental property in Washington DC. The deed on the house is under my LLC's name. Does anyone know of a way to get insurance on the property at a reasonable price? Most insurance companies are charging way too much because of the fact that it's an LLC property?

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Jerry,

My experience has always been that a landlord's policy is always cheaper than striaght up homeowners insurance because you aren't covering any personal property on the policy. When we insure our properties we go through State Farm Insurance, and they are all owned by the LLC.

I don't advocate playing games but you could quit claim the deed to yourself, get the insurance, and then quit claim it back to your LLC.

I hope that helps.

Cameron Piper
Web Reference: http://www.campiper.com
1 vote Thank Flag Link Tue Jul 1, 2008
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