Trouble getting Umbrella Insurance policy

[Tim S.]

My properties (single family rentals) are all owned by a TX LLC, none are located in TX. They are in WA and MO.

My local agent says I need a TX umbrella policy since the LLC is based there. She can't help me I need to work with a TX agent. So I got in touch with a TX Farmers agent, he's not sure he can write a policy either since I have no physical presence in TX, and none of the properties are located there.

It's pretty common for real estate investors to have a similar LLC structure. Where the LLC is based out of state from the properties and out of state from where the investor lives.

SO, how do have your policy structured in this situation?

[Jason Bott]

Originally posted by @Tim S.:

My properties (single family rentals) are all owned by a TX LLC, none are located in TX. They are in WA and MO.

My local agent says I need a TX umbrella policy since the LLC is based there. She can't help me I need to work with a TX agent. So I got in touch with a TX Farmers agent, he's not sure he can write a policy either since I have no physical presence in TX, and none of the properties are located there.

It's pretty common for real estate investors to have a similar LLC structure. Where the LLC is based out of state from the properties and out of state from where the investor lives.

SO, how do have your policy structured in this situation?

This is easy to do as long as the agent is licensed in each state. A State Farm or Farmers agent are many times restricted to stay in their domiciled state by management. Not to mention they don't have access to the Umbrella companies who are competitive in the REI space.

There are many brokers on BP licensed in multiple states that can help with this.

I'll drop you a note on the main company most of my out of state investors use.