Investment property insurance in Ohio that works with LLCs

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Investment property insurance in Ohio that works with LLCs

Allen McGlashing
Investor · Cambridge, MA · Member since 2017 · 195 posts · 106 votes

Does anyone have recommendations on an investment property insurance company in Ohio that will be able to give quotes for a property in a LLC. I have been running numbers and I have been accounting for 150/month in insurance. I wanted to give a couple places a call to actually have a real idea of the numbers. Would love to hear who other investors in the area are using.

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Jack SmithPro Member
Rental Property Investor · Massillon, OH · Member since 2017 · 216 posts · 168 votes
5y

Contact @Jason Bott for a quote.  

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  • Account Closed
    Member since 2020 · 984 posts · 1k+ votes
    5y

    Dissolve the LLC since LLC's do not provide you with protection. LLC's also have many other inherent problems e.g. you may have difficulty transferring the property to a spouse, or relative since the LLC essentially owns the property and it may not be considered to be a personal property.

    LLC's do not provide you with any protection when someone sues you because if the court awards damages the LLC cannot pay then it is very simple for the Plaintiff to go after your personal assets, or if someone sues you outside of the LLC then the Plaintiff easily get a Charging Order and goes after your personal interests in the LLC.

    It is much easier to just file for a Ficticiious Business Name, use a DBS e.g. XYZ Rental Co. and have your CPA get an IRS identification number for the DBA, or start a corporation that is not an LLC.

    I started 5 LLC's last year, in one day, and about 5 days later cancelled all 5 of them. Keep your business as simple and inexpensive as possible.

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  • Allen McGlashing
    OP
    Investor · Cambridge, MA · Member since 2017 · 195 posts · 106 votes
    5y

    @Account Closed

    Thanks for your insight although I didn't get a LLC for asset protection. I got the LLCs for financing reasons.

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  • Remington LymanBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
    5y
    Originally posted by @Allen McGlashing:

    Does anyone have recommendations on an investment property insurance company in Ohio that will be able to give quotes for a property in a LLC. I have been running numbers and I have been accounting for 150/month in insurance. I wanted to give a couple places a call to actually have a real idea of the numbers. Would love to hear who other investors in the area are using.

     I have some insurance companies located in Ohio that can help you out.

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  • Adam Zdunek
    Insurance Agent · Pittsburgh, PA · Member since 2020 · 54 posts · 22 votes
    5y

    @Allen McGlashing there’s a lot of variables that determine the price. Your best bet is to get quotes for an independent insurance agent. If you are interested I could work up some quotes for you as I’m licensed in Ohio. I’ll send you my contact info to contact me if interested.

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  • Jack SmithPro Member
    Rental Property Investor · Massillon, OH · Member since 2017 · 216 posts · 168 votes
    5y

    Contact @Jason Bott for a quote.  

    1Reply
  • John Mocker
    Insurance Agent · Norwalk, CT · Member since 2016 · 2k+ posts · 1k+ votes
    5y

    Allen,

    You should be looking for an Independent Agent that writes with multiple companies.  They should be conversant with both Personal and Commercial Insurance.  If you are just purchasing 1-4 family rentals they can be insured both ways.  When you get into larger (5+ units), mixed use, renovation, vacant buildings, etc. they will need to access commercial policies.  

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  • Stipe Ba
    Rental Property Investor · Cleveland, OH · Member since 2019 · 51 posts · 19 votes
    5y

    I use State Farm . Never any issues

    @Allen McGlashing

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  • Jason BottPro Member
    Insurance Agent · Nationwide · Member since 2014 · 2k+ posts · 1k+ votes
    5y

    @Jack Smith thanks for tagging me. 

    @Allen McGlashing please let me know if I can help in any way.

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