How should I update Insurance Policies?

[James Aravena]

Hello everyone. 
There are two property In queens that my family owns and I manage! The original insurances are covering the original purchase price of the properties, which are 25% of the worth in this day and age. I am also in the process of getting these properties into LLC's to minimize liability since these are now quite hefty assets. My LT lawyer told me to make sure I update my insurance policies when I eventually transfer my LLC's or get an umbrella policy. I also own a personal vacation home in the Poconos. I would love to hear your insight about what I should do or if there any recommendations that you guys have for insurance in NYC.

Thanks in advance, 

DM me, I would love to chat more about it.

James

[James Aravena]

Quote from @Mohammed Rahman:

Hey @James Aravena - happy to put you in touch with my insurance guy for this scenario. Likely you should be prepared to absorb a moderate jump in your policy costs, as that seems to be the norm in the current market that I'm hearing from other clients as well as a broker/investor/prop. manager myself. 

 I will shoot you a message.