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Updated over 5 years ago on . Most recent reply

Misty Monk's profile image
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Misty Monk
  • Rental Property Investor
  • Member since Sep 15, 2019
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Misty Monk's profile image
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Misty Monk
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Misty Monk
  • Rental Property Investor
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Goals, Business Plans & Entities

Landlord Insurance Recommendations

Misty Monk
  • Rental Property Investor
Posted

I am buying my first rental property and looking at just getting an insurance policy versus setting up an llc. Once I can figure out how to move the mortgage to my LLC without triggering the due on sale clause i will create the llc , and keep the insurance. To get started this seems to be the easiest.

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    Terrell Garren's profile image
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    Terrell Garren
    • Rental Property Investor
    • from Concord, NC
    • Member since Dec 29, 2016
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    Terrell Garren
    • Rental Property Investor
    • from Concord, NC
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    Terrell Garren
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    Terrell Garren
    • Rental Property Investor
    • Concord, NC
    Replied

    My rule of thumb for what its worth.

    If net wealth < $1M then $2M umbrella policy only

    If net wealth >$1M then $2M umbrella policy plus LLC

    Best, Terrell

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