Who did you get your Umbrella Insurance from?

Question

I'm looking for a new Umbrella policy provider. Progressive in California just nixed me because I have 3 properties, and their upper limit is 2. Who did you get your Umbrella insurance from? What was your cost roughly and how many properties do you have? Was it easy?

Thanks for the info!

Account Closed · Answer

I used to use Personal Umbrella.com. There was no limit on properties. However, now I switched all my property insurance to a commercial insurer. I cut my bill over $2K per year and they include umbrella insurance as well. Ive found that most traditional home insurers are not comfortable with multiple rentals and put unreasonable terms and keep raising the rates.

Kyle J. · Answer

I've gotten umbrella policies through Nationwide and Liberty Mutual.  Both will do over 3 properties.  For a million dollar coverage, Nationwide was a little over $200/year and Liberty Mutual a little over $300/year.

Jacob Passmore · Answer

@Jameson Triplett

Are you specifically looking for just an umbrella? Is progressive the primary carrier as well as the umbrella carrier? I'm always looking to hit the easy button for my investor clients!

Chris Eaker · Answer

I went through esurance and the provider is United States Liability Insurance Group. I just updated it today to include my 6 properties and it costs about $295/year.

Jameson Wildwood · Answer

Account Closed - What insurer are you using?

Kyle J. · Answer

I only have one. Had to switch from Nationwide to Liberty Mutual because my wife got in a minor car accident and our auto insurance rates went up too high with Nationwide. (She says the pole she hit jumped out in front of her and it wasn't her fault, but the insurance company saw it differently. Lol.)

We have/had our cars (and personal home) insured with both of them and they both required a minimum level of coverage on the auto policies, but I think that's pretty standard.

They also both had a maximum number of properties they'll cover, but I think that is somewhat flexible. For instance, Liberty Mutual initially told me they could only do 5 rentals but when I went over that the agent was able to go to bat for me and get an exception. He also mentioned that even if he couldn't have got an exception that they have partner companies that he could get coverage through for the additional property(ies).

Sydney Hall · Answer

@Parker Cox hey parker, thanks for taking an interest in my plethora of insurance queries. a bit of a thick stew to sort through. sent you a connect request so we can message. felt that might be easier. sincerely, sydney

Parker Cox · Answer

@Jameson Triplett

There are a couple of important pieces that make up a proper insurance answer:

First, do you own your rentals--or are they owned under an LLC?

Is your plan to eventually move them to an LLC?

Do you plan on continue growing your portfolio (indefinitely)?

The reason for this line of questions is...if you are planning on growing a portfolio of rentals beyond 4 (roughly) you will should (in my humble opinion) use some sort of commercial entity.

But, even if you keep them under your own name, insurance carriers will require you to transfer these properties from a personal lines policy to a commercial policy--kind of like what you are already seeing with the Progressive umbrella issue you are currently tackling.

The short answer is, you have a ton of options.  The umbrella pricing is going to run about what people have said here--$300-$500/year depending on how much coverage and your underlying limits of liability.

But, I suggest you reach out to an independent agent who has experience with real estate investing and can align your coverage to be able to scale with your investment goals.

I am happy to delve into it further with you if you choose, but if you talk to someone else, just make sure they walk you through the variables with staying with a personal policy vs transferring to a commercial policy...etc

@Sydney Hall to answer a few of your questions...

1st you can have an umbrella even if you don't own a home--most of your personal liability comes from auto exposure--you are much more likely to have a hefty liability claim from a car accident than someone getting injured at your home.

2nd based on the limited info provided, you should have a Business Owner's Policy as a business owner--property and liability coverage (especially if you have a physical office location).  That policy would be able to cover your paintings on location at a home from theft or vandalism.  I would need more information to give you more specific answers, but feel free to reach out if you would like and I can help you determine what you would need and the best way to set it up.

Best of luck

John S. · Answer

@Kyle J. do you have two umbrella policies?  do they have a max properties?  also, did you need to get car insurance with them as well or can you just get umbrella?

Jameson Wildwood · Answer

@Jacob Passmore - Progressive does my car, motorcycle, and renter's (I rent an apartment in San Francisco).  I used to use them for Umbrella, but can't anymore.

Who did you get your Umbrella Insurance from?

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