Who to Use for Umbrella Insurance Policy for 20+ Properties?

[Aaron Smith]

Hi BP, I have over 20 properties, most in my personal name but a few in an LLC. I want to get an umbrella policy to cover all of these properties on top of the $1,000,000 liability I already have on each property. My insurance guy is great and has gotten me quotes based on 1 million all the way up to 5 million of umbrella insurance, with the cost ranging from $828/year for the 1 million policy to $2,579/year for the 5 million policy. However, this company only lets you go up to 28 total property locations, and I am soon (within the next year) going to be beyond that and thus will have to be looking for another umbrella policy.

A few notes, his quotes includes being able to put both the properties in my personal name and in the LLC BOTH into just 1 general umbrella policy, which is what I want, but I know a lot of places don't want to do that. I just talked to Amica and Geico, and they laughed when I told them I had 20 properties and wanted an umbrella. They both said their umbrella goes up to 4 rental properties (how weak!). I don't mind moving my car insurance over to the umbrella carrier if I have to.

Based on what I see a lot of people state they are paying for umbrellas per year on BP, my quotes seem high so I thought I would run it past the BP community. The quote prices, plus me being limited to 28 total property locations, has me searching for a better option. Thanks for any info!