Posted by Jessica on January 13, 2006 at 15:21:00:
I’m not exactly sure about Florida, but in NJ, where I am, most companies do not have a problem putting the policy in the name of an LLC or trust, provided the LLC or trust is on the deed. I am a licensed agent in NJ, but not FL, so I can’t help you. I would suggest searching for some new companies, or a new agent. Start here http://www.floir.com/ the FL department of insurance, it should be able to guide you.
LLC and Insurance - Posted by EB
Posted by EB on January 13, 2006 at 11:23:12:
I have recently formed a new LLC to put a rental house in, at my tax advisor’s recommendation. At the same time, I am refinancing the mortgage to pull cash out and moving the property into the LLC. The problem: the insurance company will not write liability or medical for the LLC. Any suggestions from anyone? I have already tried keeping the policy in my name and adding the LLC as an additional insured, but they won’t do that either.
There has to be a way to do this, or people would not put their rental houses in an LLC. We have the same issue with mobile homes in another LLC, but thought that was just because we are limited to having the insurance with Citizen’s Insurance Co. (Florida state-backed…) No other insurance companies will insure mobiles in the coastal area where we live. The insurance agent tells us the same rule exists with trusts…
Suggestions?
Re: LLC and Insurance - Posted by Natalie-VA
Posted by Natalie-VA on January 21, 2006 at 11:35:09:
EB,
I am in Virginia and use State Farm to insure my LLC properties. Try them.
–Natalie