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Updated almost 9 years ago,

User Stats

285
Posts
141
Votes
Lee L.
  • Investor
  • Los Angeles, CA
141
Votes |
285
Posts

Umbrella policy vs. Renter's Insurance vs. Landlord Insurance

Lee L.
  • Investor
  • Los Angeles, CA
Posted

I've been househacking for about 2 years, and have recently rented out all the units of my property in L.A. Since I won't be at the property any longer and plan to get a few more units in the next couple of months, I've been looking into getting an umbrella policy for some extra peace of mind. 

I contacted my insurance broker who said that since I don't have a primary residence any longer, the umbrella policy I'd need to buy would be "renter's insurance," which like a regular umbrella, can provide $1m in personal liability protection.

I'm not sure my broker is laying out all my options. Is it true that I cannot buy an umbrella policy if I'm renting, but own a property that I'm renting out completely?  I also heard that there's such thing as Landlord's Insurance. From the perspective of a landlord, what is the difference between an umbrella policy, renter's insurance, and landlord insurance? 

Thank you all for the help! 

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