All Forum Posts by: Ray Heraldo

Thanks Ricardo for your thorough response! This is quite helpful when engaging with my ins. co. Appreciate your help!  -Ray

Hi BP community,

First off, I appreciate having this forum to learn from others. So much good info! :-)

I'm about to reach out to my ins. co. about adding umbrella ins. to include/add rental properties. My primary in Ca. and I have rentals in Utah and Fl. My initial questions I have:

1. Does umbrella ins. work across state lines?

2. How do I determine how much insurance to get?

3. What other questions, considerations should I ask/think about?

.

Note: I'll be looking to put rentals into LLC(s).

Thanks in advance!

Ray

+1 on BP community and sharing knowledge. Lots of info to consider and will engage an experienced atty. to help me and my wife navigate what's best. Thank you all again!

The 2nd question about adding these to our living trust...I don't think I'll have an immediate answer on LLC and/or umbrella ins. That said, does it make sense to add properties now as-is? It'll probably cost more to make updates/changes to living trust if we decide to go structure LLC(s) but at least we'll have them in the living trust now.

Thoughts?

Background: Our primary residence is in California. We have several long term rental properties in Utah. We recently purchase an STR in Florida. The 2 primary concerns, 1) asset protection, 2) transferring properties into our living trust.

Questions:

1) Is umbrella insurance enough or with multiple properties across states, LLC(s) is advised?

2) If yes, LLC is needed, how to structure? My initial thought was to have separate LLCs, one for Utah properties and another for the FL property. Or, is it enough to have a single LLC for ALL properties?

Thanks in advance,

Ray