It indemnifies the insured against actual loss if title is otherwise than as stated in the policy. 

When I called Allstate and asked them to transfer the property to the LLC, they are saying that AllState policies does not allow a business to be listed as the owner of the policy.

I've seen a lot of these policies and they're often basic perils and actual cash value only. 

Study the problems landlords face, learn how to handle them, create policies and procedures, and get ahead of the game.

@Nathan Gesner- my current policy is to not rent to relatives and do periodic inspections.

Your primary insurance policy with $300,000 in liability coverage should be sufficient in 99.999% of all lawsuits.5.

You can set an ironclad policy to never lend to an owner-occupant and still easily get into trouble.

Last thing you want is to decide to sell after you've been abroad for a while, and then owe both the foreign and the US government on the capital gains.  

Normally does not wipe out government liens like IRS, demolition, mowing, preservation, etc.Some place it also does not wipe out water/sewer/utility liens.IRS I believe has 120 days to act after the foreclosure, I can think the other ones sunset.

Landlord policies are averaging around $1800 per year for a SFR.