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| *Loan,banking and credit>>>property insurance |
Type / Cost of insurance for a property bought under LLC as a rental? |
I'm looking to buy a 3 unit rental property under an LLC with two partners. What type of insurance should we be looking for? This is a three unit property valued at around $500k, located in a coastal suburb. What will the cost of this insurance be (best / worst case). What are the norms for incidental coverage in this type of (rental) situation? You need standard hazard/liability coverage. Your ins broker will be able to let you know about other hazards, like landslide and hurricane and such depending on where your "costal suburb" is. You should also get "rental loss coverage" for at least 6 mos. This will only add a couple bucks to the policy, but in case of damage to the proeprty, the carrier will reimburse for lost rent while the hurricane is cleaned up... Ask your realtor to get you the names of 2 local ins. agents to get you quotes. Source(s): 10 years in CA real estate and mortgage lending in 20 states |
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