Series LLC - which series holds the insurance policies?

[Derek Martin]

I recently established an Illinois Series LLC. I created a series for each rental property (single-family homes). I also created a "management" series that will sign leases, collect rents, and make repairs.

I am in the process of transferring everything into the name of the individual series. For example, the properties owned free & clear will be deeded to their corresponding LLC series. The ones with mortgages will be transferred once I pay them off or figure out how to avoid the "due on sale" clause. There are plenty of forum posts about that.

My question is in regards to property insurance. Should each insurance policy be in the name of the individual series? Should the master LLC hold all insurance policies? Should the management company hold them? What are the advantages/disadvantages of each? I'd also like to add an umbrella policy over each property.

I've spoken with my insurance agent but he wasn't very helpful. Maybe that's a sign that I need a more "investor friendly" insurance agent. Any help is appreciated. Thank you!