Not confusing them at all. I know the difference. I also know how my carriers instructed me to write them. For owner occupied, ho3 in the owners name llc as additional insured. Dp3 llc as named insured x-liability. Very easy. I write llcs ALL the time. We live just outside the Disney area and if you know anything about this area you know companies are buying up homes and short term renting them. I have realtors in the area that send me a lot.
Dwelling Fire
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Not confusing them at all. I know the difference. I also know how my carriers instructed me to write them. For owner occupied, ho3 in the owners name llc as additional insured. Dp3 llc as named insured x-liability. Very easy. I write llcs ALL the time. We live just outside the Disney area and if you know anything about this area you know companies are buying up homes and short term renting them. I have realtors in the area that send me a lot.
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Have some more kool-aid dude,
I have never seen a LLC in a HO3
I see TRUSTS in a HO3
I see LLC in Landlord policies.
How in the hell can a Business own a house the owner lives in?
You commented this "if you know anything about this area you know companies are buying up homes and short term renting them"
Well dude, this is a DP policy not a HO3 policy...
Sounds like your BOB is all screwed up
AZ Insurance Guy
Expert
- 40
tenant occupied DP3's with LLC as additional insured, even 1st named with a few carriers??? sure. but HO3 owner occupied as LLC? wrong. with RBA here; maybe a Trust as AI, but never an LLC. ..
Mr. Almighty, you have no idea.... That was one example, dude. They also are buying homes in the name of an LLC and using them as vacation homes, etc. I know what I'm doing and have quite a bit of experience. You obviously know nothing about this industry in Florida, it is not the same everywhere. Here is an excerpt from the form the insured signs for the HO3 with one of my carriers:
There are no business pursuits conducted by the corporation, no employees and if any of this changes, XXXXXX Insurance Company will be notified immediately.
We have several great appointments that most agents cannot get in Florida because of the quality of our BOB, so don't worry about my BOB.
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You and RBA are wrong. Like I said I write these A LOT. This is very common in our area. If I am wrong, why do our carriers, not tell us? Our u/w's (as other agents in FL can attest), are very strict and scrutinize every policy submitted.
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AZ Insurance Guy
Expert
- 40
Straight from several of our carrier's ho3 guidelines here in AZ dude, dont take it personal, I am sure Florida's rules differ.
Ineligible Risks:
-INSUREDS
Named insured other than an individual(s) May not be a corporation, including LLC's, Partnerships or Associations. Exception: Estates, per UW approval.
Ineligible Risks:
-INSUREDS
Named insured other than an individual(s) May not be a corporation, including LLC's, Partnerships or Associations. Exception: Estates, per UW approval.
If you are sure Florida's rules differ, than why did you say I was wrong to start with? I didn't take your comment personally, not sure why mine offended you...dude
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