Umbrella Policy HELP!

[Ryan C.]

Hi Everyone,

Long time reader rare poster here.

Issue:

• I am having a difficult time finding umbrella insurance for my property and I am hoping you all can help.

My Situation:

• I currently own three duplexes in the Atlanta area and I rent my current residence in NYC.
• My current three properties all have Rental Dwelling Insurance, not commercial.
• I am looking to buy a fourth in the next 1-4 months.
• One of my existing properties is in an LLC.
• I do not have a car.

What I Tried:

• I contacted State Farm, my current insurance provider, and they said as I do not have a car policy with them they cannot give an umbrella policy. (Sorta crazy I think.)
• I tried a broker and according to his underwriters I would need a commercial policy for all the properties. (Which I had previously tried to put together but because two of the units are in my name I cannot do.) I also do not want to quit claim to an LLC as it will trigger the due on sale clause in my mortgages as they are traditional mortgages.

I am just hopping someone already lived through his issue and has some suggestions of an insurance company that cover me as I start to grow my portfolio my personal risk is growing which I would of course like to avoid.

Thanks for all the help!

[David Boroughes]

United States Liability Insurance Company

I went through an agent for a personal umbrella policy, just had to list all my owned properties (in any names) and they wanted to make sure I had insurance on them, this would cover above and beyond the $500K I have on each property, I got a few Mil policy, expensive, but nice to have POM