los angeles · Member since 2012 · 9 posts · 1 vote
Hi we have a portfolio of 4 Single Fam Houses, 2 Duplexes & 1 Triplex (7 total properties) in the Los Angeles area. The single family houses have FMVs from 250K to 750K; duplexes between 300K-380K, and triplex of about 500K
None are under an LLC.
We wanted to get an umbrella policy and liability insurance for them all.
Does anyone have any idea where to look? What prices or policies do you recommend?
Should I just go to "State Farm" or other big box insurance agencies or to smaller ones? Would it make sense to put them in separate LLCs? (LLCs are $800 each in California)
Attorney · Raleigh, NC · Member since 2008 · 4k+ posts · 1k+ votes
14y
I second going to a good agent who knows the scene. You've likely already got liability insurance on them at the same dollar amount as your limit of insurance for replacing the building but the umbrella adds a nice million or whatever per incident to make sure you have enough "lawyer go away" coverage.
Investor · San Ramon, CA · Member since 2011 · 1k+ posts · 569 votes
14y
I got a commercial policy through Nationwide. I didn't really shop around as they were SOOOO much cheaper than the individual policies (like 35% of the cost).
I wish I could give you more info, but I'm not sure I understand it all. I'm sure it's all set up so the insurance company wins and I lose in a serious situation but that's life!
Investor · El Dorado Hills, CA · Member since 2012 · 1k+ posts · 1k+ votes
14y
In CA... It is almost impossible to beat Mercury for that type of risk. It has to be written through their commercial side which most agents don't have access to. I can provide a quote for you or I can direct you to a agent in your area with access to Mercury Commercial.
los angeles · Member since 2012 · 9 posts · 1 vote
14y
@Nathan Emmert how cheap was your policy?
Anyone know what ballpark Umbrella Liability insurance costs and what to expect as far as coverage for rental houses and duplexes/triplexes?
Joe Bertolino Yes thanks I would like that. How can we get in contact?
Attorney · Raleigh, NC · Member since 2008 · 4k+ posts · 1k+ votes
14y
I second going to a good agent who knows the scene. You've likely already got liability insurance on them at the same dollar amount as your limit of insurance for replacing the building but the umbrella adds a nice million or whatever per incident to make sure you have enough "lawyer go away" coverage.
Investor · -, IL · Member since 2010 · 409 posts · 616 votes
14y
Go to an agent that can quote several different companies. I have a $1 million umbrella policy covering 5 houses and my vehicles that runs me $215 a year. This coverage is on top of the $500,000 liability that is already on each property.