I have property coverage on each dwelling, the standard Tenant Occupied Dwelling policies. My properties are held in an LLC. What/When is it feasible to get additional Coverage. What types to anyone have and why? I haven't started asking agents, because well of course they want to write a policy but as I am now beyond the 1 million in asset value, it seems like it would be prudent to have some additional coverage. I do use property management company for day to day operations. ~Thanks in Advance
Investor · Midwest · Member since 2019 · 339 posts · 226 votes
5y
@Daphne Gurel additional coverage is a small price to pay to protect your assets. A $1m - $2m umbrella liability policy will probably cost less than $500 per year.
I'm not one to spend someone else's money but the fact you're thinking / considering it would be enough to make me take action.
Worst case scenario you need it and don't have it where does that leave you? Best case scenario you have it but never need it, you can still write the expense off on your taxes.