Insurance
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated about 2 years ago,
Insurance for single family owned by LLC
Hello. We purchased (myself and another partner) a single-family house owned by an LLC. The LLC has two members (myself and the other partner) and is manager managed by me. The insurance policy we purchased has me personally named as the named insured.
I was explicitly told "that the LLC is listed as an additional financially interested party as our home policies have to have the named insured as a person. But the liability and financial interest of the LLC is protected how it is listed." I can see the LLC named in the declarations page as an "additional interested party."
The policy is through Allstate.
After doing some additional digging online, I am concerned that because the house is owned by the LLC, the insurance policy was not set up correctly. It appears that the named insured needs to be the LLC or at minimum the LLC needs to be included as an "additional insured" and not just an "additional interested party."
Further, we went with a homeowners policy instead of a landlord because we wanted the contents inside the structure (ie personal property) to be covered. The people living in the house will not be paying rent/taxes/mortgage but will be only covering very minor maintenance costs.
Have I made a mistake with this policy? Thank you in advance.