Property insurance/ general liability (for property) + umbrella?

Question

Hi, I'm new to investing and am currently in the process of buying 3 multi-tenant building. I am going to put them in an LLC and am looking at insurance. The quotes I'm getting are 1) dwelling insurance PLUS 2) general liability (1 million per occurrence with 2-5 M aggregate liability). I had thought I'd use a personal umbrella to cover the properties and my personal auto and house rental (don't own my home) but I'm thinking that is overkill as the properties will be well covered by the liability.

Thoughts? Advice?

Dana Yobst · Answer

thanks @linval t.  I've listened to the podcast and still trying to figure things out.  its a bit overwhelming first a first timer but i'm sure i'll get there !

Linval T. · Answer

@Dana Yobst

That's an excellent question and very timely. I listened to podcast 109 recently and please do likewise before making your decision. It's worth the 75 minutes of your time.

https://www.biggerpockets.com/renewsblog/2015/02/12/bp-podcast-109/

Forming an LLC right off the batThe ins and outs of Insurance vs. AssetsTen things you need to know to protect your assetsWhat exactly an Umbrella Policy is and why it might not do what you think it willWhy you shouldn’t put all your properties under one nameWhat you should know about the Delaware Statutory TrustScott’s advanced strategies for real estate investorsEverything you need to know about LLCs vs. Trust FundsWho you need as part of your team when investingAnd SO much more.

• Forming an LLC right off the bat
• The ins and outs of Insurance vs. Assets
• Ten things you need to know to protect your assets
• What exactly an Umbrella Policy is and why it might not do what you think it will
• Why you shouldn’t put all your properties under one name
• What you should know about the Delaware Statutory Trust
• Scott’s advanced strategies for real estate investors
• Everything you need to know about LLCs vs. Trust Funds
• Who you need as part of your team when investing
• And SO much more.