Legal Question in Real Estate Law in Illinois
How much Liability insurance needed on jointly owned Farm land
My siblings and I have shared ownership of half of our family farm. My mother owns the other half and lives in a house on the property. The farmland is rented out to a local farmer. The siblings and I live elsewhere and each own other property. How much liability coverage is required? Should it be enough to cover all our assets? Should it be purchased jointly or individually per the person's assets?
1 Answer from Attorneys
Re: How much Liability insurance needed on jointly owned Farm land
You want to make sure that your assets are protected from any potential law suits that could result from your tenant or anyone entering the property, so I would definitely recommend getting enough to cover all your assets. Since you jointly own the property it probably would make sense to get one policy, but you will want to talk to an insurance agent about the best way to do that.
It also might be a good idea to put your rental property into an llc or corporation, and speaking with a local estate planning/business formation attorney will give you an idea of the best thing to do in that regard.
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