All Forum Posts by: Kim Davis

Thanks to everyone for all of your comments and help Kim

Thanks for your comments! Kim

Graham-

I got a quote from State Farm stating : Mr and Mrs Davis DBA (doing business as) XYZ Holdings LLC. It is a rental dwelling rate quote that includes significant liability coverage if someone were to get hurt on the property. Is this not sufficient? Our attorney seemed to think it would be ok as long as the Property itself is in the LLC name and the insurance company recognizes this policy is for that property. The Nationwide quote was for the Commercial insurance policy and the difference was several thousand dollars. All of our other insurance policies are in our personal names only.

Thanks for the responses. A few comments back:

- Since this is a vacation rental- utilities will probably always stay in our name (not the tenants).

- I have received 2 quotes (Statefarm and Nationwide- with Nationwide being much higher)

- Even though some of the utilities would be in our name- we have a separate bank account for this property so all bills would be paid from that and there will not be any co-mingling of funds.

- Verizon told me they could not set up their service under our LLC without signing us up for a commercial phone plan- which we definitely do not need (we only need local service). so I had to put that in my name.

My husband and I just recently formed an LLC for a rental property we now own. The deed to the property is in the name of our LLC- with my husband and I being the 2 owners/members. My question revolves around utilities and insurance- do these need to be in the name of the LLC or can they be in one of our names? I originally thought I would put them in the name of the LLC but it is a major hassle and we seem to be paying more (especially for insurance) as they want to bill us more for "commercial"- even though the rental property is for a vacation rental/ residence. Is there a risk to putting the utilities in my name as long as I have our LLC name listed somewhere on the paperwork?

Note- we live out of state (not sure that matters) and we never plan to actually live in this property. It will always be a vacation rental.

Any help or advice would be appreciated. Thanks! Kim