Rental Property Investor · Plainview, NY · Member since 2015 · 123 posts · 28 votes
Dear all,
I have acquired 4 SFH and 1 duplex in 2017, and I have two more in works that should close soon.
All except one I have done in partnership with a friend of mine and all of the properties were purchased using our personal names and conventional loans.
My guess is that I need to obtain the umbrella insurance policy to shield my personal residence and my family from any potential litigation.
What are your thoughts and what do you do in your own similar scenarios? How concerned should I be?
Charleston, SC · Member since 2017 · 84 posts · 46 votes
8y
Absolutely. I have 4 sfh rentals and an umbrella policy. I will move everything into an LLC for further protection but keep the umbrella. It’s a no brainer in my opinion.
Charleston, SC · Member since 2017 · 84 posts · 46 votes
8y
Absolutely. I have 4 sfh rentals and an umbrella policy. I will move everything into an LLC for further protection but keep the umbrella. It’s a no brainer in my opinion.
Rental Property Investor · Gulf Breeze, FL · Member since 2014 · 1k+ posts · 733 votes
8y
Do the umbrella policy. A $2MM Policy should be <$300/yr. You might be limited on the # of properties you can place under one umbrella policy, but do it!