Who to get for Umbrella Insurance Policy for 20+ Properties?

Question

Hi BP, I have over 20 properties, most in my personal name but a few in an LLC.  I want to get an umbrella policy to cover all of these properties on top of the $1,000,000 liability I already have on each property.  My insurance guy is great and has gotten me quotes based on 1 million all the way up to 5 million of umbrella insurance, with the cost ranging from $828/year for the 1 million policy to $2,579/year for the 5 million policy.  However, this company only lets you go up to 28 total property locations, and I am soon (within the next year) going to be beyond that and thus will have to be looking for another umbrella policy.

A few notes, his quotes includes being able to put both the properties in my personal name and in the LLC BOTH into just 1 general umbrella policy, which is what I want,  but I know a lot of places don't want to do that.  I just tried calling Amica, and they laughed when I told them I had 20 properties and wanted an umbrella.  They said their umbrella goes up to 4 rental properties (how weak!).  I don't mind moving my car insurance over to the umbrella carrier if I have to.

Based on what I see a lot of people state they are paying for umbrellas per year on BP, my quotes seem high so I thought I would run it past the BP community.  The quote prices, plus me being limited to 28 total property locations, has me searching for a better option.  Thanks for any info!

Dan Trinh · Answer

Hi Guys,

So i am also looking for an umbrella policy. I have several properties across two states with different insurance carriers. I can't seem to find a company that will offer an Umbrella policy to cover this (all of them want all the properties to be under one insurance company).

I've tried the big companies like All state, progressive and state farm. I also tried other commercial properties like ReiGuard.com (aka. nreig.com).

Hopefully someone may have some other suggestions or luck finding a company that can do this type of policy under my circumstances?

Vidit S. · Answer

@Laura Williams Late to this but I would love your insurance guys number if you still have it.

Jason Bott · Answer

@Aaron Smith commercial umbrellas cover LLC and personally titled locations under 1 policy.  It's very common.  I have never run into a limitation on # of units or locations.

Regarding your current companies, the Erie pricing may be hard to beat, but Foremst is on the higher end.

I rep for REI Guard, and could be a possibility.  Also, i am 99% sure the company you have the current quote from as they are the only ones with that specific limit.

Aaron Smith · Answer

Scott, thank you so much for that information!

Scott Carson · Answer

I would suggest you call two firms.  REIGuard.com out of Kansas City can do this along with Ross Diversified Insurance out of Orange County, CA.  With us buying pools of notes, we often have to put insurance on a variety of assets all across the country.  Great service by both!

Aaron Smith · Answer

@Jason Bott thanks for the information!  That said, if I switch to a purely commerical policy, will they let both LLC named properties and personal named properties into the same umbrella?  And with a commercial one, will there be a cap on the # of locations and # of units?  Thanks!

Also, all of the properties in my personal name are insured through  Erie, which has absolutely phenomenal rates compared to the price I pay  for insurance for the LLC  properties. I would say on average I pay $300-$350 a year for each  property through Erie whereas that same property insured through the LLC  insurance company (Foremost) is at least double ($700-$750) for the  same valued property.

Aaron Smith · Answer

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Jason Bott · Answer

@Aaron Smith with 28 locations, you will need to access a commercial policy.  If you continue to grow, using personal lines companies for your coverage will be a thing of the past.

All of the companies you are referenceing are personal lines companies.  Most commercial Umbrellas do not have location or unit limitations.

The pricing you have been quoted is competitive, and you should be able to get that pricing on the commercial side as well.