All Forum Posts by: Anthony Lee

@Michelle Fox Welcome to BP! I'm sure you'll find the community a great resource! 

@Matt King Welcome to the community! I'm sure you'll find it a valuable resource! 

@Natalie An Welcome to BP! I'm sure you'll find the community a great resource! 

@Karla Talancon I just sent you a PM. I have several carriers and Programs which will do exactly what you're looking for. I look forward to discussing further offline. 

@Mike Austin Welcome to the Community! I'm sure you'll find BP a great resource! 

@David Graham Welcome to BP! I'm sure you'll find the community an invaluable resource!

@Kelly Swinney Welcome to BP! I'm sure you'll find the community a great resource! 

All the Best!

@Andrew Coonradt Welcome to the BP! I'm sure yo'll find the community a great resource! 

@Varinder Kumar I'm an insurance agent, not an attorney or CPA, so I cannot speak to the legal and or accounting requirements or tax benefits of a property being listed under an LLC. However, there are advantages in within both of these realms.

On the insurance side of things, everything is a matter of risk tolerance and management. With regard to the great Umbrella vs LLC debate, the answer is simple, the two work in unison with each other.

The intent of the LLC is generally for tax reasons, but also to limit the ownership to a separate entity that is not yourself, among other things. Such veil of protection can be breached in various situations (again i'm not an attorney).

An umbrella insurance policy is there in excess of the underlying policies you have in place. e.g. If the liability limit of your Landlord dwelling policy is reached, the umbrella will back it up and provide additional coverage. When it comes to umbrella policies, each can be very different, the at the end of the day they act the same, assuming they are follow form, and meant to back up the underlying policy limits and thereby protecting your assets. 

@George P. I have carriers that do not have limits on the number of properties. I wrote an umbrella for a client just yesterday who had in excess of 150 properties and that wan't even close to 40K, it was significantly less. 

@Casey Goldman When comparing quotes, coverages, costs, and insurance carriers, there are several things to consider. 

First and foremost, its important to consider the risk managements aspect of insurance as to where your risk tolerances lie. 

Other than that, there are a few things which stick out immediately and should always be considered. 

• If it is a 4 Unit property, under one roof, why is farmers looking at it as if its two different two 2 unit buildings? 
• Which perils (causes of loss) are covered? 
• Are the limits for loss of rents accurate per your needs? 
• Does one have particular endorsements or enhancements or special coverages that the other lacks? 
• There is a HUGE difference between having to shell out $2.5K vs $10k in the event of a loss. Are you comfortable shelling out $10k at the drop of the hat? or is $2.5k more manageable?
  • In this case, sure there may be a roughly $600 difference annually in premium. and the Lesser deductible option is cheaper in this case.