Insurance of rental properties.

[Zaid Badabwan]

Hello Friends

I have very specific questions about the insurance of rental properties and I hope to get your answers. I am buying rental multifamily properties in my personal name and buying insurance for rental property also in my name. Then I transfer the ownership to an LLC I own with my daughter and I am keeping the same insurance.

1- Do I have to terminate the old insurance and buy new one in the name of the LLC? or it is ok to keep the old one?

2- If it is ok to keep the old insurance, is there any legal consequences for that?

Your opinions and suggestions will be very much appreciated

[Aaron K.]

I'm not 100% sure but I think you need to get them again in the name of the LLC but probably a good idea to name yourself additional insured.