Landlord v BOP Insurance w/ an LLC

[Charli Stevens]

So, we set up an LLC for the rental properties that we have. I am not sure the attorney has been successful in actually getting the properties under the name of the LLC. So, what is the best insurance policy for us to have--a landlord policy or a BOP (Business Owner's Policy)? We do not conduct business out of either of our rental properties. Can we get an umbrella policy for our Landlord policy? I want to be sure we're covered, but I don't want us on overkill either. Thanks!

[Earl McFarland]

Generally a 'Landlord Policy' is the better option and lower cost. If you have a policy issued in your personal name most ins co. will endorse the LLC as an 'Additional Named Insured'. You can use the same method with a personal UMB Policy. As with any ins. policy it will be both company and State specific.