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Updated almost 6 years ago on . Most recent reply

User Stats

432
Posts
63
Votes
Shari Posey
  • Residential Real Estate Agent
  • Long Beach, CA
63
Votes |
432
Posts

Fire/home insurance for property in an S Corp? House built 1924

Shari Posey
  • Residential Real Estate Agent
  • Long Beach, CA
Posted

We just put our rental properties in an S Corp. Our former insurance company doesn't handle properties owned by corporations. Our current homeowners' insurance is GEICO and they have one company that does but it requires a licensed contractor to inspect the house and fill out a form every year because the house is more than 60 years old. Everything was updated in 2000 and we had a new roof put on last year but because we are hitting the 20 year mark on the updates, next year other major systems like the heat and electrical system will need to be upgraded to continue with the insurer. Is that normal? Can you recommend other insurers?

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