Types Of Insurance

Hi I have a multifamily house ,i call several insurance companies, and one of them told me that the best way to go is with a fire polycy in my rental property and put the lyability in my current home with a umbrella policy.
Is that good or bad?
Any advise

Comments(6)

  • KyleGatton30th March, 2004

    ummm well good and bad. It will be cheaper but it blends business and personal. Check with your accountant about tax issues, and your lawyer about liability issues, should someone sue.

  • hibby7631st March, 2004

    Kyle's right.

    If they're both held personally, then maybe it's not a bad idea. But it IS a bad Idea to hold them both personally. An LLC is what you need for your property.

  • myfrogger31st March, 2004

    Definately keep the insurance separate. You open up too many liability issues.

  • norrist31st March, 2004

    Another vote to keep them separate here...

  • InActive_Account12th April, 2004

    Concur, set up a LLC and keep you personnal assets seperate.

  • InActive_Account12th April, 2004

    Concur, set up a LLC and keep you personnal assets seperate.

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