Umbrella Policy when you own 10+ rentals

[Brian M.]

I recently wanted to add an Umbrella policy. My insurance provider for my home and autos is Allstate and I have the coverages needed for an Umbrella. However, Allstate doesn't provide an Umbrella for customers who own more than 4 rentals.  I am finding that most of the major carriers are the same.

My question is, what have others done in this situation?  Would it make sense to forego the Umbrella and just increase the liability on the insurance I carry on each of my rentals from $300k to $500k or $1m?  Or get the Umbrella for my primary/autos and also increase the liability on my rentals?  Are there other options?

[Lynnette E.]

I have State Farm.  I had to increase my auto coverage on each vehicle, I had to get a personal liability umbrella and then I could get a commercial liability coverage for the rentals/storage units.  BTW, increasing the insurance coverage on each vehicle was for less than $25 per vehicle.

I had to go to the commercial policy when the number of rentals exceeded 4.

Maybe you need to ask your insurance carrier if they have a commercial liability policy and if so what do you need to get that policy.  Together the personal and commercial liability policies was less than $500.  Covers 3 personal residences on the personal one, a speed boat, camper, 4 other vehicles.  Commercial covers a small 4 unit apartment, a small storage facility, 6 rental  houses.