All Forum Posts by: Jean B.

Thank you all for your input!!! Always good to have other people's view. One thing seems to be common to all : have a separate umbrella for personal and LLC.

Talked to an agent today and he kind of confirmed that; but in his final comment, it all comes down to how much coverage I want to have; how much is too much vs how much is not enough. (Having a CGL for the LLC is a first layer of insurance protection; the umbrella would come on top of that). So make your own decision....

Cal, I understand your point on not giving legal advise, but sharing ideas and giving input is what we are here for. Having a business I agree with you 100% you need a good attorney. But i'd rather go see him (or in my case my insurance agent)  once i feel i have most of the answers/options to my questions and only need him to help me pick the best solution to my problem. Attorneys are only legal advisors in a very restricted, limited field. Otherwise they are money pits (like insurance agents); it's all about playing with the right words and your emotions. I truly admire some of them for their skills.

In regards to the series LLC, when I created my LLC (10 years ago), i did research on it, talked to other investors; once i had a good grasp of the concept, i talked to my attorney and his view was : this was still a "newer" type of LLC that had not been really proven in courts yet and therefore he did not "push" for it; to him it was another option out there, but not the way to go (at the time, in my case); kind of an overkill. (goes back to how much protection is too much or not enough; risk aversion).

But thanks for mentioning it, as it is another option RE investors should consider when setting up their LLC.

sorry maybe i was not clear enough. 

I do have home owner coverage for my personal residence (title in my name), I have individual dwelling coverage for each of my rental properties (title is in the name of the LLC), I have a $2M CGL insurance for the LLC.

the question is : should i have 2 separate umbrella insurances (1 for perso and 1 for rental) ? or should/can ALL the properties be listed under the personal umbrella?

and if yes to the 2nd question, would this be considered co-mingling of assets in terms of legal issue ?

Hope this clarifies the question.

Thanks.

Hi,

I am trying to figure out what coverage i need for my assets. I own several rental properties under an LLC. I have a $2M General Liability policy to cover the properties/business. Should i also have a personal umbrella policy?

If the answer is yes, then should all my rental properties be listed on there or only my personal residence or ALL (rental +personal) properties ?

also, if I have an umbrella policy that includes my personal home and the rental homes, wouldn't this be co-mingling of assets in terms of legal issue ?

Hope my questions are clear.

Thanks for any advise.

Thank you all for the input! always good to know other peoples ideas/views.

Think i will go along with a nice gift card & note; yes it is the upstairs second bath (there is a master and another full bath). The whole repair was more of an inconvenience to the tenants because my 1st repairman bailed out and had to find another one to finish the job. Besides they work remotely from home, so having people come in-out is not always fun. I am firm with my tenants but also treat them fairly and expect the same in return.

hi. how do you guys handle voluntary rent abatement for repairs ? had an ac drain leak and had some sheetrock/paint repairs to do. also rented some remediation equipment. took 3 weeks to get the work done (ran into contractor who dropped the ball on the repair). Tenant does not use that bathroom, but in the end it is still an inconvenience. Just trying to be a responsible and good landlord; i expect my tenants to perform also.

This is for a Texas property/lease.

My lease states that Rent is due on the 1st, but if the landlord has not actually received the rent by the 3rd day of each month (Grace period), tenant will pay late charges of $50.

How does this work when the 3rd Grace period day falls on a Saturday ? If the landlord does not get my rent payment until Monday, do i get charged late fees for Sunday (4th) do late fees start Monday?