 Umbrella Policy (by Tom [MI]) Sep 4, 2019 1:11 PM
 (by Richard [MI]) Sep 4, 2019 1:14 PM
(by Tom [MI]) Sep 4, 2019 1:20 PM
(by David [MI]) Sep 4, 2019 1:24 PM
(by Robert J [CA]) Sep 4, 2019 1:39 PM
(by J [FL]) Sep 4, 2019 3:24 PM
(by J [FL]) Sep 4, 2019 3:25 PM
(by 6x6 [TN]) Sep 4, 2019 7:16 PM
(by Jason [MI]) Sep 4, 2019 7:39 PM
(by Johnny B. [MA]) Sep 4, 2019 8:02 PM
(by Hoosier [IN]) Sep 4, 2019 11:42 PM
(by TenantWhisperer [MA]) Sep 5, 2019 4:42 PM
(by pg [SC]) Sep 6, 2019 9:35 AM
(by Tom [MI]) Sep 6, 2019 2:43 PM
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Umbrella Policy (by Tom [MI]) Sep 4, 2019 1:11 PM
Message:
Do you guys have Umbrella policy?
I currently have 1M umbrella policy but I am thinking about increasing the limit to 2M. I just have 3 rental units currently but my total asset has just crossed 2M including my retirement account. My financial advisor is suggesting to keep umbrella policy close to my total assets.
What do you guys suggest? Thanks for your advice. --50.236.xxx.xxx |
Umbrella Policy (by Richard [MI]) Sep 4, 2019 1:14 PM
Message:
How much more will it cost?
Is the extra coverage worth the cost? --172.222.xx.x |
Umbrella Policy (by Tom [MI]) Sep 4, 2019 1:20 PM
Message:
1M policy is $550 per year and 2M policy is $980 per year. --50.236.xxx.xxx |
Umbrella Policy (by David [MI]) Sep 4, 2019 1:24 PM
Message:
Yes. extra umbrella coverage is a good place to invest pretax dollars if you've hit all your retirement account limits.
You should also put your primary residence, your cars , and any other goodies on the umbrella. --144.250.xx.xx |
Umbrella Policy (by Robert J [CA]) Sep 4, 2019 1:39 PM
Message:
It depends on the value of your rentals. Each property has it's own primary fire and liability policy. With any luck you have enough coverage on the basic policy so that if a tenant goes to sue you, you'll keep quit about your extra umbrella coverage.
There is something called over insuring. If you have too much insurance, it is possible you will become a target for a greedy attorney and tenant.
In my multi-use property (and all rentals) tenants are required to keep and maintain renters insurance. When anyone does a trip and fall and the come after the tenant and the owner (me), I have my attorney defer them back to my tenants renters insurance policy. Only when they have a claim for for more than the renters insurance coverage, then I'll provide my basic fire/liability policy, not my umbrella. They may demand all coverage documents. Then I will have my attorney fight it out that since their claims are covered by my insurance limits, I should not have to disclose my assets, list of properties, all other insurance policies, etc. And the courts agree. --47.156.xx.xx |
Umbrella Policy (by J [FL]) Sep 4, 2019 3:24 PM
Message:
It's now passed out of my area. The effects here were underwhelming. I hope it goes out to sea and misses the Carolinas! --72.188.xxx.xxx |
Umbrella Policy (by J [FL]) Sep 4, 2019 3:25 PM
Message:
^ Sorry, that was posted to the wrong thread by accident. --72.188.xxx.xxx |
Umbrella Policy (by 6x6 [TN]) Sep 4, 2019 7:16 PM
Message:
Robert J, that is very smart.
I am curious, what are your multi-use properties?
Are they department stores or restaurants with apartments above?
Are they your best or most profitable rentals?
Are they considered both commercial and residential?
Thank you for your time. --73.120.xx.xxx |
Umbrella Policy (by Jason [MI]) Sep 4, 2019 7:39 PM
Message:
Hello
I have farm bureau an have a 3 million umbrella for under 350... Each rental i stick in it adds like 15 bucks.. 2 new cars 19 dodge ram an a traverse..
--107.242.xxx.xx |
Umbrella Policy (by Johnny B. [MA]) Sep 4, 2019 8:02 PM
Message:
Each insurance policy carries its own liability, so you need to look at the liability on the property policy + the umbrella. Also, the prices you quoted for an umbrella sound very high. --24.147.xx.xxx |
Umbrella Policy (by Hoosier [IN]) Sep 4, 2019 11:42 PM
Message:
I agree with your advisor to keep near your net worth. Keep in mind though that some assets are not “attachable” in a lawsuit such as a 401k.
Shop around... $980 seems high for $2M. --99.92.xxx.xxx |
Umbrella Policy (by TenantWhisperer [MA]) Sep 5, 2019 4:42 PM
Message:
I'll answer this question from another viewpoint.
Since Umbrella Insurance is so cheap, get as much as you need to sleep well at night?
Also, John(CA)'s approach is absolutely beautiful.
--73.16.xxx.x |
Umbrella Policy (by pg [SC]) Sep 6, 2019 9:35 AM
Message:
Has others have said your premiums do seem a high. Just paid 1 million State farm annual premium $193. But I have all of my insurance with State Farm - not sure if that means any thing now days.
Had a Judge tell me something years ago about lawsuits and rentals - Don't let a maintenance issue turn into something that the tenant might sue you for. Example - Tenant complains about shaky handrail LL takes his time or worse forgets about it - Tenant falls and you know what happens next.
--72.173.xxx.xxx |
Umbrella Policy (by Tom [MI]) Sep 6, 2019 2:43 PM
Message:
Thank you for all the great advice.
I have 2 teenage drivers on my policy. I think that's why my Umbrella is high.
--50.236.xxx.xxx |
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