[quote=SK in CV][quote=earlyretirement]
Actually I’d love to just buy a homeowner’s policy under my own name. The only thing I worry about is if there is some major loss like a fire, I would just want to make sure an insurance company doesn’t try to weasel out of paying because my name isn’t on the title deed. [/quote]
It wouldn’t be weaseling out of anything. You have no insurable interest. As a practical matter, you cannot insure something you don’t own.[/quote]
Actually SK in CV…. today I talked to Farmers Insurance Group and fortunately the agent said they set up homeowner’s insurance with LLC’s all the time. So I’m really happy about that.
Here is what he wrote, “As long as your family is living in the house we can issue the policy as owner occupied..we do them all the time with LLC’s”.
So for those of you that are interested and searching… Farmers Insurance sounds like a good bet.
Another agent at another company told me they don’t do them but they said besides Farmers Fund, Chubb is another option. I’m just happy to have found an agent that said they can do it for almost the same price. Of course I’ll find out later this week what their definition of “almost” is.
Yet another agent at a different company told me that if I didn’t have any success with the larger companies, his company could write up a property and liability policy for the actual house but I would need to get a separate policy for renter’s insurance for the contents of the house. He said that in some states it’s really difficult to get insurance with LLC’s so that is the route that his clients are going and it totally protects the clients in the event of a major loss.
I figured there had to be a way. Under the circumstances, even though an LLC owns it, I figured there had to be companies out there that would realize the situation and realize they have no more risk at all when there is only a single member/person that owns the LLC and the sole purpose of the LLC is to hold the asset of the house and there is no mortgage.
While I don’t hear much about this strategy, I know other people are doing it. Just in doing some google searches on the topic, I came across other people that were doing the exact same thing.
