Investment property insurance in Ohio that works with LLCs

[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.

[Account Closed]

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.

[Allen McGlashing]

@Account Closed

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

[Remington Lyman]

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.

[Adam Zdunek]

@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.

[Jack Smith]

Contact @Jason Bott for a quote.  

[John Mocker]

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.  

[Stipe Ba]

I use State Farm . Never any issues

@Allen McGlashing

[Jason Bott]

@Jack Smith thanks for tagging me. 

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