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
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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.
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.
Definately keep the insurance separate. You open up too many liability issues.
Another vote to keep them separate here...
Concur, set up a LLC and keep you personnal assets seperate.
Concur, set up a LLC and keep you personnal assets seperate.