I am reviewing all my insurance policies. I have 5 multi families (2-4 units each). What is everyones thoughts on umbrella coverage? I don't want to cheap out on coverage obviously, but don't want to pay an astronomical premium for unnecessary coverage. I appreciate everyone's input!
Insurance Agent · Nationwide · Member since 2014 · 2k+ posts · 1k+ votes
6y
@Shannon Curtis I have an article that is a self assessment of what Umbrella limit you should have. It's a little large to post here. I'll DM you info on it.
Insurance Broker · Kansas City, MO · Member since 2017 · 370 posts · 127 votes
6y
@Shannon Curtis there are certainly different avenues to address the amount of coverage you should carry. With a portfolio of your size, it seems to makes sense to have extra coverage provided by an umbrella.
No situation is the same, however umbrella policies are a fairly inexpensive policy for the amount of coverage you receive in return.
For most people the $1 million - $5 million umbrella option makes sense.
Rental Property Investor · Los Angeles, CA · Member since 2020 · 2 posts · 0 votes
6y
@Jason Bott I'd also be interested in reading your article about umbrella policies. I am looking into umbrella policies as well for a rental and would love to use the self assessment. Where can I find your article on BP? Thanks!
Investor · Philadelphia, PA · Member since 2016 · 2k+ posts · 1k+ votes
6y
Umbrella policies are an inexpensive protection for liability that's unlikely... but might keep you up at night. With a few properties, I'd probably go with $2-3M, but it also depends on your personal assets that you're protecting.