Premises liability versus umbrella

[John Travis]

I’m closing soon on my first Single-Family rental home. Good chance my renter will have a section 8 voucher. At this point in the process it’s too late for me to form an Llc for the mortgage. I’m strongly advised not to quick deed a personal mortgage to an Llc after closing and was advised to get an umbrella policy. However my insurance agent recommended I just get 1 million in premises liability protection in lieu of the umbrella on the rental home insurance policy. It’s cheaper than an umbrella and supposedly would protect me.