Hi,

I've spend some time reading the posts in BP around rental insurance needs and would like your opinion on whether I am doing the right thing here.

Property #1:rental property (paid off and worth about 200k) I manager for my mother.

Property #2: rental property(90% financed) I currently preparing to rent out.

based on my readings, I definitely needs more liability insurance for property #1 since it's all paid off. I plan to buy 1 million umbrella coverage for my mother (her total assets is less than 1 million). will that be enough? should I still have landlord insurance along with that? I am getting a quote for the following major coverages
1. personal properties( why do I need that? shouldn't that be for the renters)
2. personal liability( is this the same as the umbrella coverage? although it's only $8 extra for 300k limit)
3. water back up coverage ( I am still reading more about if this is something worth to get)
4. Dwelling (limit is 1000, sounds very low to me, they are saying since it's a co-op and my other one is townhome, the HOA already covered it. but I believe I am still responsible for everything inside of the wall. 1000 seems very low. )

in short, I plan to go out and buy the following

1. a landlord insurance for both myself and my mother
2. a umbrella insurance for both of us.

should that give us enough protection? thanks in advance

Ben