Hello. I have 7 rental houses and am in the process of renewing my umbrella insurance policy. An old policy I had listed each of the properties covered under the policy. My new policy only states that I own 7 houses in Texas and itemizes the additional charge for that coverage but does not list the addresses of each house. My insurance agent stated that lots of umbrella policies do not specify the properties covered but I would be interested in hearing other opinions. Is there any reason to be concerned?
Licensed p/c agent.
Easy enough answer here... As you already have an umbrella policy, just ask him to send you the policy form / endorsement that states the umbrella company does not need to list each property separate (or that blanket limits apply to non-specified dwellings). Make sure he sends it to you in an email, and NEVER delete that email!
Now if he's wrong, you have his professional liability policy as backup for when coverage falls through.
He might be right in stating that every company is different, but any umbrella company I've worked with (on ISO forms - industry standard) states that you need to list the property as underlying for coverage to apply.
Mine even lists by address the excluded properties that aren't covered ...
My umbrella policy does not list the addresses of my rental properties but I buy all of my property insurance policies (business and personal) from a single agent to guard against gaps in the coverage.
Hi, I work for Farmers insurance and when we issue an umbrella to an insured; that umbrella covers that person against any litigations. So not only does it cover their vehicles but it also coverall ALL their properties as long as the properties are under their names. So the umbrella protects your assets from anyone trying to get to them.. and of course your umbrella limits will determine the coverage amounts.
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