Is there any way to get my rentals an umbrella policy if I don’t have a primary home or car? I just moved out of the country so my car is parked and all my houses are rented. What would you do if there isn’t such a policy?
You still have a car though, in the US? In my experience, you would raise that car's liability insurance to $500k and then get a renter's policy for your current legal US address; and then you can get an umbrella policy.
Insurance Agent · Nationwide · Member since 2014 · 2k+ posts · 1k+ votes
3y
@Tamara R. If your rental policies are on a Personal form Policy you may get stuck needing a Home or Auto. If you have a Commercial form policy you can go without the Home or Auto. Additionally, the Commercial form policy can be a lower cost many times.
I do have a car there parked and won’t be using for years. Having liability only covers if you run into someone I was told. I won’t be doing any of that parked so it will cost much extra for car insurance that doesn’t really cover my car. I also don’t really have an address there as all my houses are rented out and not planning on returning to the US any time soon. Do you think it would be worth it to pay for insurance that won’t be doing anything for me car wise? There has to be some other way? I hope??
Insurance Agent · Nationwide · Member since 2014 · 2k+ posts · 1k+ votes
3y
@Tamara R. The solution is to go with an Umbrella company that doesn't require your Home or Auto. I will DM you the name of the companies we use with our investors.
@Tamara R. The solution is to go with an Umbrella company that doesn't require your Home or Auto. I will DM you the name of the companies we use with our investors.
Jason. Can you DM me the names of those companies too. And your phone number too. I tried to call you couples weeks ago but maybe I got your old number. Thanks!