Buying & Selling Real Estate
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated almost 7 years ago on . Most recent reply
Homeowners insurance for an LLC
Hello BP community, this is my first post and I'm hoping to get some advice on an issue I am facing. I am scheduled to close on my first deal next Friday. I am buying a single family house in Northern NJ, cash deal and through an LLC. The plan at least for now is to move into it, light rehab and likely sell it/rent it down the road. The comps are good. I'm currently shopping insurance and running into an issue where because the property will be owned by the LLC the insurers are hitting me with a $2,000 upfront/non-refundable insurance bill, even if I sell it before the policy term is up! This is baseline insurance, and the best I could get. Is this standard practice and the cost of doing business for insurance on an LLC owned property? Any advice/help is appreciated or if you can recommend an insurer, please do.
Thank you all,
Chris