Insurance for a Portfolio of 9 Properties
Charlotte, NC · Member since 2026 · 4 posts · 0 votes
Insurance for a Portfolio of 9 Properties
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Diana KhanPro Member
Attorney · 10451 Mill Run Cir #755 Owings Mills, MD 21117 · Member since 2024 · 610 posts · 208 votesQuote from @Andy Patel:
Hello all,
I'm trying to figure out what coverage I need and estimate total costs to cover a portfolio of 9 properties (5 single family and 4 condos). I've been advised to purchase an umbrella policy for the whole portfolio in addition to landlord/general liability policies for the individual properties. Also, do requiring renters insurance and having the same agent/broker provide renters insurance to tenants help lower total landlord costs? Any insights are much appreciated. Thanks!
Andy Patel
@Andy Patel, with nine properties, I think an umbrella policy is definitely worth looking into. I'd make sure it covers all the properties and the way they're owned, especially if you have any under an LLC. Requiring renters insurance is also a good idea, but it doesn't replace your own landlord coverage. Using the same insurance agent might make things easier, though I'd compare quotes rather than assume it will save you money.
I'm a real estate attorney and investor based in Maryland, and I work with landlords and property owners on leases, ownership, and other real estate matters. One thing I encourage is making sure the lease requirements and insurance coverage work together. Having a policy is important, but understanding what's actually covered matters just as much.
I appreciate you asking this, @Andy Patel. Managing insurance for nine properties is a lot to think about, and it's good that you're looking into it now. This connects closely with the landlord and real estate work I do, and I'd be happy to stay connected!
3 Replies
- 1dDiana KhanPro MemberAttorney · 10451 Mill Run Cir #755 Owings Mills, MD 21117 · Member since 2024 · 610 posts · 208 votes
Quote from @Andy Patel:
Hello all,
I'm trying to figure out what coverage I need and estimate total costs to cover a portfolio of 9 properties (5 single family and 4 condos). I've been advised to purchase an umbrella policy for the whole portfolio in addition to landlord/general liability policies for the individual properties. Also, do requiring renters insurance and having the same agent/broker provide renters insurance to tenants help lower total landlord costs? Any insights are much appreciated. Thanks!
Andy Patel
@Andy Patel, with nine properties, I think an umbrella policy is definitely worth looking into. I'd make sure it covers all the properties and the way they're owned, especially if you have any under an LLC. Requiring renters insurance is also a good idea, but it doesn't replace your own landlord coverage. Using the same insurance agent might make things easier, though I'd compare quotes rather than assume it will save you money.
I'm a real estate attorney and investor based in Maryland, and I work with landlords and property owners on leases, ownership, and other real estate matters. One thing I encourage is making sure the lease requirements and insurance coverage work together. Having a policy is important, but understanding what's actually covered matters just as much.
I appreciate you asking this, @Andy Patel. Managing insurance for nine properties is a lot to think about, and it's good that you're looking into it now. This connects closely with the landlord and real estate work I do, and I'd be happy to stay connected!
- 1dOwen RosenBusiness MemberProfessional · Clinton Township, MI · Member since 2015 · 686 posts · 259 votes
I would recommend working with an independent insurance agent and asking these questions to him/her. If you don't feel comfortable with their advice, interview another agent.
Royal Oath Insurance Group4.9203 Reviews - Specialist · Strongsville, OH · Member since 2016 · 304 posts · 217 votes15h
How you have the properties titled matters to the scenario. Titling them on separate LLC's can be a strategy to reduce exposure but it may also add complications on getting all the properties on one policy and also cost more with your tax advisor.
At a minimum you need a landlord policy covering each location wether separate policies or on a master policy that is up to you and what is available in your market.
An Umbrella policy is great to add on but remember it is only "excess liability" meaning it covers a situation where you are sued above and beyond the liability coverage on your underlying landlord policy. Umbrellas do not cover the dwellings themselves. The higher the liability limit on your landlord policy the better the umbrella will be priced. Work with your agent to see how that applies to your specific situation.
Some carriers will insure the houses and condos together on a master policy but some may not and the agent you choose to work with can advise on that part.
Requiring the tenants to carry renters insurance is an absolute best practice but you can not require them to buy from a single source. That also may be a bad idea... see my next paragraph. What you can do is put in a caveat such as "purchase renters insurance from a carrier that does NOT have a dog bite or dog breed exclusion" (if you allow pets or even if you don't allow pets and they get one anyway) and require you to be named as an additional insured. This way if the policy cancels and you are named as additional insured you will get a notice mailed to you. You will have to get a copy of their renters policy and read the exclusions section but for example one thing to keep an eye out for is Geico outsources their renters policy to multiple companies - some of those have the dog bite/breed exclusion and some do not. Once you get used to reading for the dog exclusions you will be able to quickly find it in the future. So Geico renters insurance isn't bad or good - you just need to verify what the exclusions look like.
As a personal practice for my agency I do not insure both the tenant and landlord - if there is a claim I want to be able to advise one party to the best of my ability and not be caught in the middle with a conflict of interest. Or maybe better said this way... if you were sued would you want to hire the attorney for the person suing you? Heck no.
I'd be happy to help but we only handle insurance in Ohio so best of luck to you!
**I am not an attorney and none of the above should be considered legal advice. Consult with your own legal council for specific advice on your situation
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