Property insurance for rental properties

[Chris Kuhlman]

Hello Everybody,

I have 15 properties that are rented (split between multi unit and single family houses). I have an insurance policy (in my LLC name) for each property.

I was wondering if this is common, or is it better to have one Umbrella-type policy that includes all the properties, so insteadt of having to get a new house added to my existing policy, I would be able to just add a new house to an "umbrella policy"

Thanks!

[Casey J Burkhead]

Hey Chris,

You can find pretty much the same coverage on a package policy as you can on an individual policy so in my opinion, it ultimately comes down to ease of use.  When you start managing 10+ properties, a property package policy makes it a lot easier to maintain billing, proof of insurance, renewals, etc.  Some of my clients find it more difficult for tax purposes but as long as you have an agent that can help you divide up the premium per property, it's not a big deal.

- Casey