LLC Owning Rental an Issue?

[Justin Bilyj]

Any big P&C companies that will allow an LLC to own the rental property (duplex) in Ohio? Allstate said no, Progressive will only do newer homes, waiting back to hear from Nationwide and Statefarm but the lady at Allstate said the other two were the same way, they will only insure if its owner occupied.

Then who are all the landlords in Cleveland getting insurance from!? I can't believe all these guys are putting the buildings into their name and not some protective entity.

 

[FL P&C Broker]

I don't know the markets up there but I would try an independent p&c guy. They are likely going to have a market for something like that more than the big name captives.

 

[VolAgent]

If you have a property manager, odds are they have a program set up that you can get onto.

 

[agentinsouth]

Any big P&C companies that will allow an LLC to own the rental property (duplex) in Ohio? Allstate said no, Progressive will only do newer homes, waiting back to hear from Nationwide and Statefarm but the lady at Allstate said the other two were the same way, they will only insure if its owner occupied. Then who are all the landlords in Cleveland getting insurance from!? I can't believe all these guys are putting the buildings into their name and not some protective entity.

The independent agents in your state will have some non-brand named carriers that will do it.

To answer your other question, small investors don't need a LLC if they have a good insurance agent!