Is umbrella Insurance recommended
I am purchasing my first investment property. It is a SFR in Philadelphia, PA. The property will be bought with cash, and owned in an LLC. My question is this; Above Landlord Insurance, is it recommended to also carry an umbrella policy?
Thanks in advance for your feedback
Most Popular Reply
$1 million in liability coverage really seems to be the magical number, which is why I love umbrella insurance. (I say this as a lawyer who has done personal injury and wrongful death cases across the country.) That type of coverage will almost certainly protect you from almost any type of lawsuit. (i.e. 99% of lawsuits can be resolved within that limit.) It's so cheap, so why wouldn't you?