Earthquake Insurance With Corporation As Policy Holder?
Does anyone know any good insurance company who will sell earthquake insurance to a corporation/LLC as a policy holder. The earthquate insurance is for a residential rental property in CA that the company recently acquired. I have asked my insurance company where I bought my personal car and home insurance, but they only sell to individual, not to a company.
Our condo had state farm for the complex policy.
thanks for the reply, cjmazur
The insruance agent I called was State Farm. The agent does not write earthquake policy to coporation. I also called 3 others with no luck. What exactly is complex policy? I am new to real estate investment.
Why not get the policy in your name and have the LLC as an additional insured. I have been able to do that on several state farm policies in the past but have not used State farm recently so do not if their policies have changed.
Good Luck.
JS.
I misunderstood.
Your UNIT is held or are you asking about the HOA?
Unit in LLC or corp is likely going to expensive or impossible.
thanks for all replied.
I asked few more agents. One who particular deal with commercial and small business was able to write the policy for me. I guess there are some agents who are not comfortable writing for business because they mostly deal with homeowner policies....
Here is an update on earthquake insurance. It turns out that the agent who wrote me the policy under LLC name was wrong. Most earthquake policy are from California Earthquake Authority and it only insures individual. So SmithJ2 and cjmazur are both right. It is almost impossible and very expensive to insure LLC with earthquake policy, and State Farm will use individual and LCC as additional insured, but to me, it is kind of defeating the purpose of setting up LLC to shelter your individual name.