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rwoods
Member
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# Posted: 8 Apr 2017 08:49
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My siblings and I, three of us, were recently gifted interest in a cabin with 120 acres owned by an LLC. Another party also owns interest. We are having trouble insuring the property for fire and liability for a reasonable cost. Has anyone experienced this issue, or any ideas on how to insure property held in an LLC?
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toyota_mdt_tech
Member
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# Posted: 8 Apr 2017 15:20
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Good luck. How about just covering it for injury to protect you from lawsuits so you can share and use the land. This just protects you from lawsuit if someone gets hurt. Land and a cabin is no fun if you cant share it with friends and family. I insured mine via the NWOA or National Woodland Owners Association in which I am a member.
http://woodlandowners.org/insurance/
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rwoods
Member
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# Posted: 8 Apr 2017 16:40
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Thanks toyota I will look into the NWOA but I am not sure if we can join as a LLC
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uberjason
Member
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# Posted: 23 Nov 2017 01:45
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I just purchased a log cabin, Woodstove heat, has well and septic, and 100Amp service inside. 2500/year is what I was quoted just "home owners" insurance. however going thru my normal insurance company where I already have homeowners insurance/car and life insurance totaled 789/year. that's for 100k coverage. Check with your or one of the parties involved in the purchase to see if "tacking" it onto your existing policy makes it cheaper. State Farm is who I use to insure. Hope that helps.
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Moomps
Member
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# Posted: 27 Nov 2017 12:17
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My agent is also a family acquaintance and told me not to both trying to get insurance on my cabin/hunting shack. If I tried, they would require an inspection and I don't think the electrical and heating would pass. So, she told me that my home owner's insurance on my house would cover the stuff inside the cabin after the deductible and also my liability. The cabin itself sets on leased land so I guess if it's totaled, I'd just walk away or get a trailer to part there.
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mikey85
Member
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# Posted: 29 Nov 2017 23:49
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Going with the lawsuits is a better option.
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