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Updated over 2 years ago on . Most recent reply
LLC Insurance - Renovation insurance
Hi. I need help. What type of insurance would be best if I bought a home in a LLC, will be doing renovations, living there for 2 years, and then most likely rent it out? Any information would be greatly appreciated!
Most Popular Reply
#2 Insurance Contributor
- Insurance Agent
- Nationwide
there are a few ways this can work depending on how flexible your insurance company is.
If the renovations are minor, which sounds like they are, then a Homeowners policy will be the best fit.
If your insurance company will not do a Homeowners policy because the title is in a LLC, then purchase a commercial Landlord/Rental Dwelling policy to cover the property, and purchase a Renters policy for yourself. The Renters policy will give you Personal Liability and can cover your personal belongings that are not owned by the LLC.
Once you rent the policy out, then the only option will be a Landlord/Rental Dwelling policy.