Landlord liability insurance w/ Umbrella policy coverage

[Sandy Metivier]

Hi y'all.

I'm closing on a duplex in Ohio and I'm looking for some home insurance advice. 

• - I will not be living on this property
• - Duplex's s price is $90k in a C neighborhood

I already have Umbrella coverage of $5 mil (obviously this is not exclusively for this OH property). So I can count on this to protect me in the event coverage is needed outside of my landlord insurance.

Considering the umbrella policy, what is an appropriate amount of liability coverage needed in my Ohio duplex home/landlord insurance?

Any advice is appreciated. Thank you!

-Sandy

[Adam Zdunek]

@Sandy Metivier there are a number of things to consider while purchasing a rental property when talking about the insurance.  First, confirm your current personal lines umbrella will cover you in another state for rental properties.  Yes, a lot of carriers will extend coverage for your rental property as an umbrella, but will require  you to have an underlying liability limit with the property (could be $500,000 or $1,000,000).  If you already have rental properties you will also want to check and see what the total amount of properties you are allowed before the personal umbrella will no longer extend coverage.  Some carriers have a 2 limit some have 5 limit, etc.  Lastly, your umbrella policy will not help rebuild the duplex if there is property damage, so I would suggest getting insurance on the property incase there is for example a fire and the duplex is destroyed.  

Feel free to reach out to me if you have any other questions as I'm an independent insurance agent licensed in Ohio.