Homeowner's vs Renters

[Muse1245]

What is the name of your state (only U.S. law)? South Carolina

My LLC owns the house where I live. Technically I pay rent, have signed a contract as advised by my Realtor. For 6 years I have been paying both homeowners AND renters insurance for this property. Is that necessary? How much insurance should I get for a $225,000.00 house with $50,000.00 in personal belongings?

 

[justalayman]

Your LLC should be paying the insurance on the property itself since you are not an owner other than via your LLC.. You are a renter and need to be concerned about your personal property.

as to how much insurance to buy? That is personal preference to an extent. An insurance agent would be the best person to speak with concerining how much and why buy any specific amount.

 

[ecmst12]

The HO insurance only covers the home itself. The renters insurance covers your stuff. Different purposes entirely.

 

[JustAPal00]

Make sure you purchase a landlord or fire policy on the home. It should be for the amount it will cost to rebuild the home if it is destroyed. The renters policy should cover the value of your belongings and the amount of liability you want.

 

[ecmst12]

If you really want to cover all the bases, you want liability coverage on BOTH policies, to protect both your LLC and you personally.