Hey there! So, I’ve got a couple of LLCs set up for my long-term rental properties in two different states. Let’s just call them State1 Subsidiary LLC and State2 Subsidiary LLC for simplicity’s sake. These LLCs are owned by a Wyoming (WY) holding company, which is a partnership involving my spouse and me as 50/50 partners. The mortgages for each property are in my name.
Now, here come the insurance questions. First off, how do I go about getting insurance for these LLCs? Specifically, when it comes to landlord policies, is it cool for me to be listed as the primary insured party while having the sub LLCs listed as “additional insured,” or should the sub LLCs be the primary insured entities on the policy? And then there’s the matter of umbrella policies – how many do I need? Will my personal umbrella policy cover these rental properties that are under the WY holding company partnership?
If any of you out there have a similar setup with your real estate investments, I’d really appreciate hearing about how you’ve gone about insuring them. Thanks a bunch in advance!