Landlord Insurance and Umbrella Insurance

[Carlo D.]

Had a question for the experts here. 

When you get liability insurance for your rental property.  I'm assuming you get landlord insurance and Umbrella Insurance.  My questions were a few fold:

1. For Landlord insurance, other than coverage for the property, does it also cover you from potential liability from your tenant?

2. Do the policies have to be in the LLc's name? (the LLc that holds the rental property) Or.. particularly for Umbrella, can you just add the property as part of the insured locations in one's existing personal umbrella policy?

Thank you in advance.

[Kevin Wright]

Hey @Carlo D.! 

I would give Chris Majcher at Greenpoint Insurance a call. He's a very knowledgeable and personable insurance broker, and we use him to find the best insurance fit for all of our managed properties here in Brooklyn. 

From my perspective: 

1) Landlord insurance protects against most types of liability in the even of a tenant wanting to sue you, but it can never be sure to cover all liabilities. This is why the property is best held in an LLC to begin with.

2) The policies should be in the LLC's name, but you can add any number of additional named insured parties, including yourself, maybe a manager, and anyone else who is involved, in order for those entities to be protected by the coverage.

A personal umbrella is always a good idea when right-sized and reasonably priced.  

-Kevin