Los Angeles, CA · Member since 2015 · 3 posts · 1 vote
Hello,
I have a couple of rentals properties out of state and I currently rent an apartment in Los Angeles.
Next year I'm going to get rid of my apartment, put all my stuff in storage, and live utilizing short term rentals a la airbnb and not have a "primary residence"
I was looking at getting an umbrella policy and my insurance provider said I had to have a renters insurance policy if I don't have a homeowners insurance policy for my primary residence.
He said he would have to write a new renters insurance policy every time I moved around..... I'm gonna be moving every month for the next year or two.... I won't have an apartment in my name.
Is anyone familiar with an umbrella insurance option for someone that doesn't have a primary residence?
Investor · Zürich, Zürich · Member since 2016 · 292 posts · 115 votes
9y
This is an interesting point. It also affects, I guess, all those not resident in the US as they obviously do not have a primary residence in the US. I'm curious what will be said about this.
Lansing, MI · Member since 2015 · 301 posts · 149 votes
9y
There is digital nomad travel insurance. Google them. There are others like it - I'l try to find their names.
As far as the umbrella goes - find an independent agent and they will be able to access what's called an insurance wholesaler and possibly find a company that provides coverage for your unique situation.
Insurance Agent · Nationwide · Member since 2014 · 2k+ posts · 1k+ votes
9y
@Justin Levine All of my out of state investors run into this issue when working with their local agent. The umbrella policy you need is a commercial product, and it sounds like you have a personal lines agent who does not have access to these insurance companies.
I just did one for an investor who has TX, CA, TN and UT properties, and does not live in any of these states.
Los Angeles, CA · Member since 2015 · 3 posts · 1 vote
9y
Thanks for the responses everyone. Jason, I have emailed you.
Tim, do you have a recommendation for what you are referring to? As you say, an "independent agent and they will be able to access what's called an insurance wholesaler"
For a little bit of further clarification on my end. I have travelers insurance, I have auto insurance, and I have rental property insurance on my rental properties.
I was interested in getting an umbrella policy to add extra liability coverage in the event something happened in the rental properties to protect my assets, or even in an auto accident.
I'm not interested in having a renters insurance policy, I was simply told that in order to get extra liability protection in an umbrella policy, I would have to have have a renters insurance policy. I was told they require a primary auto insurance and homeowners or rental insurance on your primary residence. I understand that, however I will actually not have a primary residence for a little while it is looking like.
If I had an apartment in my name and that is what I needed to do, that's fine, I would simply add a renters insurance policy. However I will literally not have a primary residence for the next year or more. So I was curious in exploring what, if any, options are available.
I hoping to find an umbrella insurance option that will understand that I do not have a primary residence and waive that requirement.
Rental Property Investor · Gulf Breeze, FL · Member since 2014 · 1k+ posts · 733 votes
9y
Justin Levine - I grabbed quotes from 3 vendors for an umbrella policy. All 3 were focused on my auto insurance, not homeowners. Since my auto is w/GEICO I also inquired with them and that's who holds my policy. With GEICOs online portal I can go in and add/subtract properties as they come/go in my rental portfolio. Interested to see if you experience anything different.
Contractor · Los Angeles, CA · Member since 2015 · 4k+ posts · 1k+ votes
9y
Justin Levine That's a challenging feat, how much will you be looking at when doing 28 day airbnb stuff? on day 29, you're considered as permanent resident. i have an umbrella policy but don't know how it was made, I know I have general liab, commercial auto, and pollution insurance for the company, the umbrella protects the excess of one or all.