Insurance Agent8.

This is not yoursituation, but just to walk through the different thought processesin Holding/Selling that a friend of mine is going through.Helped my friend getinto the Self Storage business and walked him through the wholeprocess from evaluating the market, selecting a site, developing thesite, systems, financing, insurance, etc.

Liability insurance covers negligence.

My Insurance Agent has strongly recommended that I put a Construction Agreement in place with my Contractor to shield me from liability, etc. 

They have the choice of finding their own insurance or they can be automatically enrolled in my master policy.

That's easy compared to trying to fight and erroneous $13k water bill (a real issue we had) or an insurance policy tripling (that too).

If you research recent sales you can always provide the appraiser a list of those sales.One of the best ways to insure a higher value is to update the property using materials and fixtures that are popular and common in the area.

Not once has one member ever said the LLC saved them when insurance wouldn’t have. 

I also have a friend that bought brand new construction, but had to shell out tens of thousands in repairs because the home wasn't built properly, the inspection didn't catch the issues, the builder didn't have a warranty on the property, and insurance didn't cover all the problems.

Include all expenses like property taxes, insurance, maintenance, and property management fees if you’re not managing it yourself.Network Like Crazy: You’ve already made a great first step by joining this group!