General Liability and Umbrella Policies

Toledo, Ohio
General Landlording & Rental Properties
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General Liability and Umbrella Policies

Corey Duran
Rental Property Investor · Toledo, OH · Member since 2023 · 39 posts · 14 votes

Time and time again while on these forums people kept saying just get an umbrella policy. Can anyone explain these a bit more. I asked an agent for a quote and they sent me a general liability and an umbrella policy. Should I get both?

This is what I was quoted if anyone could comment on it.

$750 a year for general liability which I can’t find the details of what it covers. I’ll ask. And then 1M umbrella policy for $600 a year.
Then he says the umbrella is strictly for my company and he can get me one personally..


Am I really going to have to get 3 policies? Can anyone give me some advice/guidance on this stuff and maybe share what you use.

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  • Greg ScottPro Member
    Rental Property Investor · SE Michigan · Member since 2014 · 4k+ posts · 6k+ votes
    2y

    An umbrella policy is designed to cover excess liability so they always want to see an underlying policy for protection.  If you have rental property, they will always want to see each of your rent property have solid liability protection.  When we owned SF rentals they required $500K of liability on each rent property.

    I never had to have a general liability policy.  I called the insurance broker who wrote my personal residence policy.  If you didn't do that, you may try that route.

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  • Owen RosenBusiness Member
    Professional · Clinton Township, MI · Member since 2015 · 678 posts · 259 votes
    2y
    Quote from @Corey Duran:

    Time and time again while on these forums people kept saying just get an umbrella policy. Can anyone explain these a bit more. I asked an agent for a quote and they sent me a general liability and an umbrella policy. Should I get both?

    This is what I was quoted if anyone could comment on it.

    $750 a year for general liability which I can’t find the details of what it covers. I’ll ask. And then 1M umbrella policy for $600 a year.
    Then he says the umbrella is strictly for my company and he can get me one personally..


    Am I really going to have to get 3 policies? Can anyone give me some advice/guidance on this stuff and maybe share what you use.


     This is impossible to answer without knowing what you're trying to insure and how you have your business set up.

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