Umbrella Insurance And How Title Is Held
I own most of my properties via an S Corp. I also have a personal umbrella policy. The loans are in my name personally.
Some carriers won't sell coverage if you have more than a few units (I have 14).
If I have a loss that exceeds my basic coverage on one of my properties, does anyone know how I hold title affects my coverage?
Or, does anyone know a carrier that sells umbrella coverage in California what covers multiple rental properties?
In a simple response (as best I can), the entity that owns the property should be the first-named insured (the S-corp). If a claim occurs at one of the properties insured by the S-corp's policy. The S-Corp is the protected entity. Name yourself personally as the "additional insured" on the policy. Rule of thumb: each entity should have it's own protection, i.e. you are you, the business is the business. There are a few other points to consider as well. PM me, if you'd like to discuss further.