Rental Property Investor · NJ · Member since 2014 · 15 posts · 0 votes
Hello All,
I have been having a bit of trouble finding an insurance carrier to write umbrella insurance on my portfolio of College Rental properties. When inquiring about umbrella insurance the conversation usually goes into what type of rental properties I am looking to get covered and when I mention that they are college rentals the conversation usually does not go much further. They have all been somewhat local agents so they are familiar with what clientele are renting properties in my area (Southern NJ). Do any of you have experience getting umbrella insurance on college rental properties and have any advice? Am I better off going for a bigger more national carrier that is not as familiar with the area or are there companies that specialize in my situation? Any advice would be greatly appreciated.
Looking into LLC's as well but am also looking into umbrella insurance. Portfolio of 8 properties total: 6 of which are college rentals and 2 single family rentals.
In my experience an umbrella policy is written off of your personal residence insurance policy, not rental property insurance. I've tried finding one through my rental property insurers and have had the same reaction you are getting.
Try calling the insurance agent you use for your home.
We have Allstate policies on 4 of our rentals (which was their max at the time we obtained #5), and we are looking to add #6. I talked to an Allstate agent today who is working on covering all 6 for me with an umbrella policy, I had no idea that was possible but I will let you know what he comes back with.
Allstate was one of very few who would insure us- we are near a campus and half or less of our tenants are students at any given time. I've asked various insurance companies if they'll insure us when we rent to 18-22 year olds that AREN'T students, and they seem to not have an issue with that....