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Updated over 4 years ago,
Insurance coverage for property under LLC owned by partners
Hello BPF users,
I have started investing in Single Family Homes around Austin, TX in partnership with my friend. We have couple properties that we bought and transferred it over to LLC with 2 members (Myself and my friend again). I was able to get the LLC added as "Additional Insured". They are insured with Safeco and Travelers currently. However, my local insurance agent tells me Safeco and Travelers doesn't extend coverage for LLC with partners outside family. In my case its my buddy who is technically not family. Is that true ? I would appreciate inputs from experienced investors and insurance agents here. Thanks in advance!