Personal Umbrella Insurance - Coverage in AZ and CA
I'm hoping someone here has solved a somewhat common umbrella insurance situation.
I'm 41, retired, and have approximately a $5.6M net worth. I own four long-term rental properties (Arizona, California, and Virginia, although I'll likely be selling the Virginia property soon) plus a rental for a temporary primary residence. My rental portfolio is worth roughly $3.6M, and I have about $1.8M in investment accounts.
The challenge is that I don't own a vehicle and don't carry auto insurance. (My partner has me on her policy but for some reason that created more challenges with the rep I spoke with as then she would need to be on the policy as well). Several insurers have told me they won't write a personal umbrella policy without an underlying auto policy.
Has anyone in a similar situation successfully obtained a $5M-$10M personal umbrella policy? I have $5M commercial but was advised by my CPA and financial advisor to get both.
Specifically, I'm looking for:
- Insurance companies that will write umbrella coverage without a personal auto policy.
- If it's worth it to obtain personal umbrella because of my rental portfolio.
- Names of independent brokers or specific agents you've personally used who understand high-net-worth real estate investors.
Any recommendations or contact information would be greatly appreciated.