Rental Dwelling Insurance for LLC

[April Benard]

I'm currently receiving quotes to insure a rental property owned by my LLC.

Due to the LLC, I'm being quoted as a commercial policyholder, although the home is a single-family residency.

Is there any method to avoid these high insurance cost and maintain the LLC ownership? Could I use myself as the policyholder since the LLC is a one-member entity?

[Kevin Romines]

Originally posted by @April Benard:

I'm currently receiving quotes to insure a rental property owned by my LLC.

Due to the LLC, I'm being quoted as a commercial policyholder, although the home is a single-family residency.

Is there any method to avoid these high insurance cost and maintain the LLC ownership? Could I use myself as the policyholder since the LLC is a one-member entity?

Hi April, great question. You will need to check with the company your want to work with, but yes you can do that. We write them as personal lines policies in your personal name. We then add the LLC on the dec. pages and as an additional insured. If a claim is made, the check comes in your personal name and possibly the LLC as a second signer. I just wrote 2 policies in this way last week. The personal lines policies were about 1/3rd the cost of the commercial policies. My underwriter had no issues with this, they actually suggested it.