Having your son involved in the loan, title, and insurance policy does have both benefits and drawbacks.

I would look into an umbrella policy to increase your insurance coverage on both the LLC and yourself.

@Casey Ram older homes generally have more expensive insurance.

If your insurance coverage isn't enough, they could seize the LLC assets but not your personal assets.Additional thoughts:1.

We're going to see insurance rates climb for quite a while.

I worked for a US retail company that had a policy of accepting returns no questions asked and even when I accidentally uncovered someone seriously abusing the policy, my bosses wouldn't pursue the matter. 

When I first started out, I was insuring everything with USAA.

I’m curious to hear from private real estate investors who’ve faced unexpected insurance claims and were protected by an umbrella insurance policy.We often see discussions whether investors should use an LLC or an umbrella insurance policy.

. - Phase 1 (October 1, 2021)Applied to new policies or existing policies that opted for early renewal under Risk Rating 2.0.- Phase 2 (April 1, 2022)Applied to all remaining existing policies, transitioning them to the Risk Rating 2.0 methodology upon renewal.The new system replaced the decades-old approach to calculating flood insurance premiums, aiming to provide fairer and more accurate rates based on individual property risk.Before Risk Rating 2.0, flood insurance premiums were mainly based on whether a property was inside or outside a designated flood zone and its elevation on a map. 

This is our boilerplate language:Insurance: Tenant should obtain a renters’ policy of insurance on their personal property.