I just purchased a 26 unit and its in an LLC. I have all of my other 6 units insured separately but also added to a personal umbrella policy. Can I also add the 26 unit to this personal umbrella policy or is this violating the authenticity of a separate LLC Entity/company? I do already have the property insured for the 26 unit building. The LLC is Washington State which is a common law state and the LLC is just my wife and I so technically it is a single member LLC by law. I am also thinking of starting a second umbrella policy for this property and future larger properties. Each property will be in its own LLC. Can I add multiple LLCs to one Umbrella Policy? Thanks!
So long as you have common ownership amongst the LLC's you can add as many as you'd like to the umbrella
Thanks @Dolan Jablonski, do you know if I can add an LLC to a personally owned umbrella policy?
From an insurance standpoint, if the 6 units are on a personal umbrella policy, it is unlikely that you can add the 26 units to that. However, each insurance company files their own guidelines with the State so it is worth asking.
Other options would be to add an umbrella just for the LLC and leave the other units on the personal umbrella
Lastly, there is a market that will do both the personal units and the LLC units. It is PersonalUmbrella.com. Your agent may be able to access them or their website should list local agents.
None of the above answers the questions on what is better for the separation of the LLC from your personal holdings. That is a question for an attorney.