Umbrella Policy HELP!
Hi Everyone,
Long time reader rare poster here.
Issue:
- I am having a difficult time finding umbrella insurance for my property and I am hoping you all can help.
My Situation:
- I currently own three duplexes in the Atlanta area and I rent my current residence in NYC.
- My current three properties all have Rental Dwelling Insurance, not commercial.
- I am looking to buy a fourth in the next 1-4 months.
- One of my existing properties is in an LLC.
- I do not have a car.
What I Tried:
- I contacted State Farm, my current insurance provider, and they said as I do not have a car policy with them they cannot give an umbrella policy. (Sorta crazy I think.)
- I tried a broker and according to his underwriters I would need a commercial policy for all the properties. (Which I had previously tried to put together but because two of the units are in my name I cannot do.) I also do not want to quit claim to an LLC as it will trigger the due on sale clause in my mortgages as they are traditional mortgages.
I am just hopping someone already lived through his issue and has some suggestions of an insurance company that cover me as I start to grow my portfolio my personal risk is growing which I would of course like to avoid.
Thanks for all the help!