Should I get Umbrella Policy with 1 rental that already has 1mil liability?

Should I get Umbrella Policy with 1 rental that already has 1mil liability?

System Administrator / Investor · Eugene, OR · Member since 2015 · 144 posts · 29 votes

I'm looking at purchasing my first rental, and I've gotten an insurance quote that includes 1mil in liability for the property.  Should I also get an Umbrella Policy, or do you think I can hold off until I have at least 2 properties?

I know there are a lot of ins and outs to it, just looking to get a general idea from more experienced investors.

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  • Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes
    11y

    I think you will be more than fine with 1 M. 

    We only carry 300k in liability for smaller properties.

  • Capistrano Beach, CA · Member since 2013 · 283 posts · 169 votes
    11y

    Personally, what is your net worth outside your rental? If it is significantly above the value of the rental, yes, i would get a insurance to cover that as well. 

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