Umbrella insurance for rental property with fuses?

Question

Does anyone know of an insurance company that will offer an umbrella policy for a 3-family rental property that has fuse boxes?  I have a homeowners policy with a company but liability is small and they don't offer umbrellas so looking to have the extra coverage.  Property is in an LLC but the property also represents 80% of my wealth so want to protect it just in case something ever happens.

Tony Wilcox · Answer

DEFINITELY DONT RECCOMEND going with a

‘don’t ask don’t tell’ policy when it comes to fuses, knob and tube wiring, etc.

as mentioned above. Don't give a carrier an excuse to deny a claim. Be up front and get a carrier who will cover what you need.

John Mocker · Answer

David,

I reiterate Tony's comment be sure they allow it or rather, their guidelines do not exclude it.  Where is the Rental located.  that could impact which companies might write your umbrella.

Have you checked with your Homeowners or Auto Insurance agents.  Some companies can include a 1-4 family rental in an LLC if the LLC members are just the Insured and spouse.

Ben Guttman · Answer

RLI might as well as some other standalone Umbrella carriers.

I wouldn't have it insured as a Homeowners but a Landlord Policy so you don't run into issues there.

Mike McCarthy · Answer

@David C. I use Allstate and they seem to have a ‘don’t ask don’t tell’ policy when it comes to fuses, knob and tube wiring, etc. they’ll do an exterior inspection, but I’ve never had them do an interior inspection.

I’m not sure how they treat properties owned by LLCs, but it might me worth a call.

Umbrella insurance for rental property with fuses?

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