Should I get an umbrella policy?

[Tim Burdette]

I have 3 rental properties that are not under an LLC. Would it be wise to get an umbrella insurance policy to cover myself? If so, what would an appropriate amount? My properties are worth roughly $550k.

[Dwight Rigel]

As an insurance agent I say yes. Yes and heck yes. Now keep in mind there may be contract language that could cause issue. For instance there would be coverage if tenant has a fall that reverts back to your legal liability because the steps were in ill repair. However there may not be, likely will not be,coverage if tenant sues you for slander or breach of privacy.
Umbrellas are typically bodily injury and property damage oriented and don't cover the professional liability that comes with being a landlord.
There are policies (I use Foremost for mine) that will allow landlord legal liability and regular liability at $1MM within the policy without the need for an umbrella.