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Updated over 11 years ago,
insurance and LLC
hey ladies and gents, so ive been very busy with life, kids etc. ive been ready to pull the trigger on LLC'ing my properties. i was trying to get all my ducks in a row in preparation. My insurance company hit me with a whopper and i wanted to see if this was standard across the board or atleast california. perhaps there may be a work around the issue. my agent has told me that if i LLC'd my properties that the rates would double seeing as how if properties are owned by LLC's that i would have to go under a commercial policy. im thinking it would not be worth doing now. im just not feeling the double your yearly policy premiums. this has made me wonder if there were a worse case scenario what would the typical payout be but that would have too many variables to answer. ie how much i own, severity of accident... what are the typical payouts you all have seen or rather a prosecution be awarded? with premiums ive been quoted im thinking now perhaps just a large umbrella policy or liability of 1 mil, 2-3 mil???? i could use some advice. i can see and hear my bubble bursting....thanks all