Couple of questions about Umbrella insurance...for those of you who have it.

Do you think you should have it with the SAME company as all your other stuff with... or a DIFFERENT company?

How much makes sense? (.ie 1X net worth.....or 2X net worth...or something else?)

Good question. I'll follow this thread to see other responses.

I use two companies. My umbrella is with a company that specializes in umbrellas.

I try to have as many different carrier insure myself and properties. During my 40 plus year owning rentals, a few tenants, Housing Departments, Code Enforcement and or other agencies made major mistakes. This resulted in loans being called in, insurance policies being cancelled and having things not insured.

An example. Section 8 tenants did not know how to discipline their children. The kids were playing basketball inside the rental, allowing the ball to bounce off the ceiling, exposing encapsulated cottage cheese ceiling containing asbestos from the 1930's.

When the County Health Department showed up for an annual inspection, they asked the tenants about the condition I keep the property in. The tenants claimed I caused the ceiling damage and wanted the unit painted. I was ordered to "Paint" the ceiling/unit within 10 days or face a "fine".

As a Certified Landlord, Licensed Contractor, Abatement specialist, I needed to have the ceiling material tested, abated and restored --which would take over two weeks to complete. AND I needed the tenants cooperation.

The City Reported me as a Non Compliant Landlord/Owner, my loan was called in and all related insurance policies were cancelled. In court the Judge, prostituting City Attorney and others were going to throw the book at me. But as an expert, I made mins meed of the bunch and proved they were wrong and I was right. The City won a $500 fine, but the EPA seeking half a million in damages won nothing, not one red cent. I had to follow State and Federal Laws, not what the City and County were barking at me.

So my business insurance and Personally Umbrella policies kicked in and paid my fines and legal expenses. And I had my Umbrella and Business Insurance sue my Bank and Fire/Liability insurances that were cancelled. It was found out that because I had major damages, paying off a loan and having no basic coverage, I won a Judgement. So my Fire/liability insurance and Bank/Lender, that were given bad advice of non-compliance landlord, but was really following proper procedures, in turn sued the City/County, giving them one big beating.

So when I had trouble securing more insurance on New Purchases, I had my Umbrella Carrier send notice to denied carriers that unless they give me an offering, they too would faith the Wrath of Robert.