This is probably a long shot, but it's worth an ask. The craziness of keeping up with multiple personal and business insurance policies is beginning to wear on me and I was wondering if anyone knew of an agent/company that would offer some sort of "umbrella" policy that would cover a group of assets in both TX & OK similar to these; Primary (valued at over 2M) and secondary home (valued at around $500K), personal higher end cars over $100K/exotic & classic, boats, 2 LTR homes all in Texas and 2 LTR homes in Oklahoma?
Insurance Agent · Chicago · Member since 2025 · 46 posts · 38 votes
1y
Hello Bethany,
You can, likely under a commercial policy that is written with "scheduled" properties. Mixing all assets likely will not be possible or cost effective, although, that is straying away from my knowledge. I imagine the policy would have to be written as a commercial general liability with many endorsements to include all aspects, this would add up quickly but could be an option.
Not sure how you are set up now, but it sounds like you would benefit from a "high net worth" carrier such as Chubb, AIG, Pure, Cincinnati, etc.... This category of insurance carriers is renowned for their extreme customer service and applauded for how they handle claims. The trade off is they are a more expensive than your everyday carriers and they require multiple lines of business. I think this would be the most effective way to cover your personal assets. They would still be separate policies, but you would have top notch service to support you.
A single policy for the income generating properties might be possible through a commercial policy form, however, it varies state by state as each state regulates their own insurance products. If that doesn't work out, you should be able to have 2 scheduled landlord policies, one in Texas, and one in Oklahoma. Each policy would have a "schedule" of properties covered under the policy, but this would result in one policy number per state.
Umbrellas are always a great option. My rule of thumb is to quote/write liability coverage which exceeds your visible assets, but defer to your financial advisor to protect all assets. Umbrellas open another can of worms since they rely on the underlying policies to be exhausted before they kick in. A commercial umbrella needs to be placed over a commercial policy and likewise for personal lines umbrellas/policies, which of course, doesn't help reduce the total number of polices you are juggling.
Unfortunately, I don't really have an easy answer. I think you might need to interview local brokers, ones who are licensed in both states, have access to commercial carriers, and have access to high net worth carriers. Once you find someone with options, let them know that you need to simplify the portfolio. They should be able to bundle where they can, schedule properties where needed, and come up with a competitive (and hopefully simplified) portfolio.
This is probably a long shot, but it's worth an ask. The craziness of keeping up with multiple personal and business insurance policies is beginning to wear on me and I was wondering if anyone knew of an agent/company that would offer some sort of "umbrella" policy that would cover a group of assets in both TX & OK similar to these; Primary (valued at over 2M) and secondary home (valued at around $500K), personal higher end cars over $100K/exotic & classic, boats, 2 LTR homes all in Texas and 2 LTR homes in Oklahoma?
Any advice helps!
Thank you!,
Bethany H
Insuring all of these disparate assets on one policy is not possible
This is probably a long shot, but it's worth an ask. The craziness of keeping up with multiple personal and business insurance policies is beginning to wear on me and I was wondering if anyone knew of an agent/company that would offer some sort of "umbrella" policy that would cover a group of assets in both TX & OK similar to these; Primary (valued at over 2M) and secondary home (valued at around $500K), personal higher end cars over $100K/exotic & classic, boats, 2 LTR homes all in Texas and 2 LTR homes in Oklahoma?
Any advice helps!
Thank you!,
Bethany H
Bethany, if you're still looking, this is very much within my colleague's area of expertise. I will DM you her info.
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