What's the best insurance policy as I grow my rentals portfolio?

[Erez Shocher]

Hi everyone,

I started investing in rental properties through my LLC in 2015 and I currently have 6 rentals (10 units altogether as some are doubles).

I'm working with a local insurance agent and I insured each property separately with 1M liability. The price difference from the 500K liability was around $100 so I decided to go for the bigger coverage.

In average I pay around $850/year per property, but as I grow my portfolio these $$ starts to add up to a significant expense. I heard that there's something called an 'Umbrella coverage' that I can do through my LLC instead of separate policies?

I'll appreciate any advise that can help me get this cost down.