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Updated almost 5 years ago,
Insurance for Rental Property on LLC with 3 Members
Hello - I bought a rental property (single family home) on my name and would like to transfer it to an LLC with 3 Members. This is in the state of Texas. The members are myself, my own brother and a best friend. The insurance policy is current on my name. The question is:
Can i get an insurance that's NOT commercial and have the LLC listed as the "Name Insured" ? And also, should the policy have all the individual members of LLC listed on the policy ? Would the insurance company allow that ?
I have talked to insurance agents here and unable to get a clear answer. I would appreciate if you all can shred some light on this. Thanks in advance.