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Updated 6 months ago,
UMBRELLA insurance vs landlord insurance
I own (1) primary residence and (3) rental properties. Long and short, switched all my insurance. including auto to one company. The quote was cheaper, service was responsive. One one of my rentals - AFTER issuing the policy they requested an exterior inspection and I figured - it's a townhome in a nice area, hefty HOA fee, maintenance seems looked after. Well........they sent a picture of a section of the roof, some of the shingles are u and guess what- NO insurance on it now. So my current situation is this:
(1)Primary residence - worth 1.2mm
(3) rentals: Equity $500k. And just that 1 rental has no insurance. I've notified the HOA because roofing is under their responsibility but - I highly doubt it gets taken care of soon enough.
Does anyone know - can I buy an umbrella policy even though 1 of my units has no homeowners or rental insurance on it? . I realize umbrella wouldn't cover property damage. It's personal liability I am seeking protection from.
This unit is owned by my LLC but certainly I have signed for the mortgage. So if something happens I honestly don't know if the LLC protects my other assets and I do have non real estate assets in my personal name.
I also wonder if I'm overthinking it in that if something were to happen, wouldn't someone have to truly prove I was liable or negligent? . Point being - if I'm renting your house. And I fall down the steps. And nothing was wrong with the steps ....I can't prove it's your fault?
Thanks