Posted by chet on February 27, 2005 at 17:45:45:
have you checked out Lloyds of London?
LLC and Insurance - Posted by Ellen Brenn
Posted by Ellen Brenn on February 24, 2005 at 12:37:36:
Our insurance policies on properties are being cancelled. We hold our rental properties in an LLC. Since we are in Florida, we have LIMITED insurance companies who will insure our properties at all, and Citizen’s, which is the “company of last resort” is cancelling our policies.
They will not write liability or medical for a corporation, LLC, or trust.
Worse, many of our rentals are in the lease portion of triple-net lease and options. They are canceling the policies of these people, as well, because they do not own the property.
They have also cancelled a policy on a home in our Roth IRA, because it falls under this new regulation.
We are attempting to get a policy that covers liability for all the LLC property and then get other insurance that will cover fires, hurricanes, etc. I don’t know what we will do with the Roth property - sell it, I guess. It would not make a lot of sense to get a million liability coverage for one property, held by itself. We will probably also have to front all the premiums for our tenant-buyers and collect it back by the month.
Does anyone have any other suggestions or solutions?