General Liability Policy. Am i Paying to much ?

Question

I went ahead and contacted my insurance agent about insurance plans for landlords. Ive read on bigger pockets about an umbrella policy, and that it only cost several hundred bucks per year. Well when i started shopping around, umbrella policies seemed like something difficult for several agents. They said something about umbrella policies just mean all your stuff together(cars, houses, rentals, etc) and it adds a seperate layer. Several of them said i couldnt do it unless i brought all my things with them like car insurance home owners, etc.

My current agent that i have my cars and one of my rental properties with ended up getting me on a GL policy. Supposedly its a General Liability that covers me as a professional. Its a policy for 2mil aggregate. but its kind of high i thought, almost 90/month. Is this what i need ? i was looking for an umbrella or landlord policy and this is what i bought. A commercial GL policy.

also, should i be on the policy or my LLC? Right now my rentals are under my name because i just got my LLC's formed. I was thinking of putting myself on the policy and list my two LLC's as well if theyd let me.

Any advise on this BP?

Alexander Felice · Answer

I have 7 houses and 1 car in my umbrella policy. 1MM

$250/year

Russell Brazil · Answer

I own in my own name or my wifes name. If you own in a business entity then yes the cost will be more because now you have a commercial property.

Russell Brazil · Answer

With an umbrella policy you typically need to add your auto policies as a subordinated policy as well.  Some Umbrella policies limit you to 4 properties, some do not. I pay about $100 a month to cover 3 vehicles and about a dozen properties for $5 million a year I think.  Im not entirely sure, as all my insurance policies are just autobilled directly to my credit card.

Maugno M. · Answer

@Russell Brazil Thank you for the response. Are you listed on the policy or is an LLC listed ? I put my LLCS in the policy, but i havent moved my properties over to the llc yet so i might have made a mistake, i should of just used my personal name on the policy what do you think ?

General Liability Policy. Am i Paying to much ?

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