Umbrella policies for buy & hold

[Wesley W.]

Because of numerous lender issues with LLCs, I've decided I want to try and protect my assets with an umbrella policy, for at least the present.  I've read several threads on BP on this topic, and I'm still hitting the proverbial "brick wall":  finding a company that will sell me an umbrella policy that will cover all my assets, i.e. my primary residence, vehicles and several small multi-family policies all titled in my personal name.

Here is whom I've called so far (based on recommendations I found on previous threads), to no avail:

AAIC  – NO

Safeco - must write all property insurance/vehicle policies to provide (don't want to do this)

Progressive  – NO

Allstate  – NO

GEICO – NO

USLI - gave me a local agent and "is going to get back to me", but sounded like they wouldn't

I'm sure someone out there has such a policy.  Who is your carrier?

Thanks in advance!

[Jason Bott]

@Wesley W.  As a Real estate investor continues to grow, eventually they run into this issue.  99.9% chance you will not find a single insurance company who can do this at a competitive rate.  This is usually when investors find their way to an independent insurance broker to essentially take over the management of all your insurance policies.  This way you develop a relationship with 1 individual who spends the time quoting and blending all the coverage's into 1 cohesive program. 

Here are some basic guidelines to consider when trying to consolidate.

Personal "Umbrella" coverage is used to raise your liability limits beyond the point of the base policy on any asset in your personal name.  Example, if you have a home or auto with $300k of liability, the Umbrella policy will pickup @ $300,001 and extend up to a $1,000,000 or an additional $1,000,000 for a total of $1,300,000. 

Most personal umbrella will have a threshold for # or rental units, usually 4-10 total units.  To make it more difficult, they may limit those buildings to nothing bigger than a 4 unit.  Beyond the 4-10, they consider your rental portfolio to be commercial. 

Commercial Umbrellas start @ $1,000,000 and can go over the top of multiple different insurance carriers as long as they met the financial stability guidelines of the Umbrella company.  I have on client who we are writing the Umbrella over the top of 4 Farmers policies in IL, 1 State Farm in WI, 1 Auto Owners IL, and a Lloyds of London policy in FL.  I only represent 2 of the 4 companies. 

Hope this helps you.