Insurance On Multiple Properties - Umbrella Policy?
I own multiple rental properties now, and they each have their own policy that covers the dwelling, liability, and loss of income. Is this how most of you are insuring your properties? The properties are all held within an LLC. Issues that make this complex are that some properties are SFH, a duplex, triplex, 4plex, houses converted to multiunits, and some tagged as student housing due to proximity to a university. The other issue that is an automatic disqualifer for some companies is that I do not reside in the same state that the properties are in.
Ideally I want just one big policy that covers everything, that would allow me to add new properties as I acquire them.
METLIFE INSURANCE maybe what you need. The only question I have however is if they insure LLC companies. Call them and ask them. There are not many companies that will insure multi families but they do at very reasonable rates. I have checked with many companies and they offer the best rates for same www.coverage.The other question is the fact that you do not live in the same state. They will tell you. They bought out St. Paul Insurance couple of years ago. An Insurance Agent in the area where your properties are should be able to get you exactly what you want and need, ask them about METLIFE.
You are looking for a Master, or "Blanket" policy. It will be tough to find as you cross into different states, but there are a few carriers that still do it (even if they require a policy per state). Find an Agent that understands REI in the areas you need the coverage. Since REI (aka "habitational"
is so geographic market driven, one company is probably not going to be the answer in every situation (see previous posts/discussions in the last few months on these issues by doing a search on TCI).
_________________
Best regards,
Tim[ Edited by norrist on Date 07/17/2005 ]
Kevin, I am using an Umbrella policy. I had a personal one, and am now adding a comercial policy because my personal one would only cover 5 properties, The comercial will cover up to 25 at the quoted premium of $300/yr for 1mil or $450/yr for 2mil My agent is in SD also, not sure if I am aloud to post his info here or not. Just privat message me if you want the info, or Mods, if its ok to post here, let me know.
Thanx, Don
Umbrella policies cover additional liability on top of your other policies. They do not replace your existing policies. In fact, must umbrellas require a very high liabilty coverage on your underlying policies. I had to up all my coverage (car, hous, rentals) to get an umbrella.
State Farm will allow me to cover my personal and LLC rental properties (not vacant) in my commercial umbrella. My LLC properties are allowed in my umbrella only because it is a single member LLC.
Brenda