All Forum Posts by: Jason Bott

@Michael Rost We set up these programs for clients.  Just did on in MO that consisted of 23 LTR, 2 vacant and 5 being renovated.  There were 5-6 different entity names.  Everything was put onto a single policy for easy of management.

I will DM you more info on the set up.

@Lee L. if this is the primary source of heat, this is a "no go" for most of the standard market.  I'm sure there are some Lloyds of London options.

 If it is something the tenants like, but not necessary, the property would have more options if it was removed.

@Katie Konner there is no issue here.  The new owner will purchase a new policy that will reference prior claims, but not the coverage period. 

@Maria M. there are some other insurance carriers we have used for Liability only in FL.  The last Liability only policy we did was 7 Single family rentals in FL, $1M of coverage for $1,700 per year.  Around $250 per property.

I'll send you the name of insurance carrier.

@Rebecca Oliver the proximity to the coast and the occupancy status as a STR will drive the premium before the LLC ownership does.

The STR insurance market has a lot of good options, but very few of them will come from your Home and Auto agent. If you haven't already, you should connect with a commercial insurance broker as they will have options for you.

One of my team member is in Augusta and knows the STR market well. I'll dm you the options we use for our clients in the SE.

Christine, Personal lines policy require your personal name to be listed as the Named Insured. In order to accomplish what you are looking to do, you would need to move to a Commercial policy. A Commercial lines policy allows the LLC to be listed as the Named Insured.

Please keep in mind, not all insurance carriers will allow a Trust to be listed as the Named Insured.

@Karthik Natarajan how many units?  The insurance market has really tightened up, so there are fewer and fewer options in 2023.

@Mike M. what type of property do you need help with?  That will determine what carrier/agent will be a good fit for you.

@Eric Weiss Welcome to the forum!

There are plenty of syndicators here on BP that would be happy to connect and share the nuances of their specific markets.

In regards to insurance, the 1-4 unit market can be completely different form the 5+ market.  Every year new players enter the market and old ones exit.  It's a very fluid market.

@Nicole He you will want to work with an independent insurance agent/broker.  The ideal agent will have access to many insurance carriers and appointed with those companies in the states you own property.  The more options they have access too, the better your results.

The "Best" insurance carrier for your properties will be determined by the Building characteristics and the types of tenants you have.  Example - You can have a new building, but if you have a restaurant and vape shop as tenants, most companies will not want to provide a quote.