General Liability Insurance Policy Needed

[Jim T.]

Hello all,

Short story long, i own several properties (townhomes out of state) with partners and some on my own. The properties have insurance policies through the HOA dues that we pay known as walls in/walls out policies which basically would replace the property to it's original condition in the event of disaster including all appliances, cabinets, fixtures, etc.

The insurance policy also has a general liability clause in them and the tenants are required and show proof that they have tenant insurance which should cover some liability if they are at fault.

Now we never considered purchasing any other insurance because all the properties were titled in our LLC so we thought that would be adequate protection from our personal assets being lost in the event we were sued for whatever reason and we felt the HOA insurance policy would be adequate.

Fast forward to today: The LLC has been dissolved because we wanted to refinance all the properties to cut our interest rates in half and our terms down to 15yr. In order to do that we also had to change ownership out of the LLC to the individual partners on the properties and agree to a stipulation that the properties would not be transferred back to the LLC with the understanding that if we did the loans could be called due. It seems banks are no longer wiling to finance properties titled to LLC's anymore so we found no reason to keep it in place for the $1000 a year it costs us in state fees.

Now our dilemma is we cannot find any General Liability Umbrella policy to cover all the properties. My primary residential insurance policy will not cover it because our rentals are out of state, all the major carriers will not provide it either unless we move all of our primary household and auto insurance to them and a couple of companies are only willing if we purchase building coverage through them then they will add on the umbrella. This is cost prohibitive for us and don't know if double indemnity becomes an issue either ....

Any ideas or leads for insurance would be a big help !!