How many insurance layers?

[Andrew P.]

Hi All!

We currently have 26 units and a LLC. Some of the unit's title's are in our personal name and others are in the LLC. We have the normal hazard insurance. We also have an umbrella which is property specific. Do we also need an umbrella to cover us personally if someone were to come after us?

[Kevin Hart]

i tell my customers if everything is in your personal name, get a big enough umbrella policy to cover everything, like 5 million or 10 million. if you have your properties in LLC's, make sure those individual policies have 1M each of liability, then you can get a commercial umbrella on top of that if need be. sit down with your agent and they can help you through it.