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Reply with quote | #1 |
Would a 2 - 3 million umbrella policy take the place of forming an LLC to hold land and buildings worth approximately 2 million? Even with an LLC, I am under the impression it would not stop someone from also sueing you personally under certain circumstances. Thanks. Please only send answer by email. Is there a time when an LLC would work better than having an umbrella policy? Thanks, Sue. |
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Reply with quote | #2 |
Insurance is necessary as your first line of defense. But what if you have a tenant obtains a judgment against you for 3 million - you would personally be on the hook for 1 million unless you owned the home in an LLC. You may be named personally in a lawsuit but if you owned the property in a properly set up and run LLC than you would be able to have your personal name removed from the case. |
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