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Updated 4 months ago, 09/10/2024
Trouble getting insurance due to past claims - will an LLC help?
I own rental properties in one city and two of them had insurance claims in the last 2 years due to hail and tree damage. I just purchased a rental in another state/city and am getting turned down for insurance due to those claims. The homes are owned in my name. An agent mentioned to me that I might have better luck if I formed an LLC on the new one because the claims in my name won't come up. Another agent mentioned that they may still look up the members of the LLC. Has anyone had experience with this issue and know a way to get a good insurance policy that doesn't cost an arm and a leg?
(Please no comments about whether or not my properties should be owned in LLCs, as that is not what this particular post is about.) Thanks!