Would it be advisable to add our personal names as owners of the LLC and or property managers as co-insured?
Estate Planning and Asset Protection for Rental Property Owners
I own rental buildings in the name of an LLC. State Farm holds the fire and hazard insurance policy. I self-manage the rental buildings along with my wife. We own the LLC 50-50. So a two-member LLC, would it be advisable to add our personal names as owners of the LLC and or property managers as co-insured, or would that co-mingle our personal names with the operation of the LLC?
Question ID: 6604663 Status:
Open Feb 19, 2025 - 12:30 PM
1answer
Answer
Feb 19, 2025 - 12:30 PM
My understanding is the insurance industry is looking through to the individual owner to be added on those policies, and then you would add the LLC as additional insured. Unless you are fortunate enough to have the LLC as the initial insured, then I don't see why it would make sense to add yourselves on as additional insurer, personally speaking.
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