All Forum Posts by: Marc S.

Thank you everyone for your advice and suggestions. I was able to secure an umbrella policy under RLI without having to get a homeowners or renters policy and was able to use my auto insurance policy.  

@Jonathan Bock. I have not tried USLI but I will give them a call. Currently my landlord policy is at 500k. My fear is that I am unable to get an umbrella policy to ensure I am covered for any possible lawsuit or judgements being a first-time investor of a SFH that exceeds my liability coverage. Also, I've read numerous articles and comments on BP, all of which state that as a first-time landlord and RE Investor of a property, I should definitely cover myself with at least a million-dollar policy for now being that I only have 1 property as of yet.

Good morning BP,

I am currently in the final stages of closing on my first RE Investment property! 

I would like to inquire if there is an insurance agent on here out of New York, preferably Long Island that is an authorized All State agent or broker with All State to assist me with an umbrella policy problem I'm running into being an O/O/S investor that is buying a SFH in Texas. From what I've been told, All State will allow me to purchase an umbrella policy if I also have my car insurance under them which will allow me to get the must needed umbrella for extra coverage on top of my landlord policy. Before you ask, I do not have a renter or homeowners' policy and long story short cannot get one for reasons I can discuss further if needed.

Please let me know if there is anyone out there than can assist or answer my questions.  Thank you! 

@Colleen F.. I was always under the assumption that I would be able to get an umbrella policy off of my landlord insurance of the investment in property in TX even though I live in NY.  

@Colleen F..  Thank you for the advice. Let's play what if and take the scenario that my in laws policy does not allow for renters, just a what if.  Then what are my options?? Due to the dynamics of everything with them, asking them to be added to their policy is absolutely not an option.   

Unless someone can correct this, ultimately, I would need to get a renters policy while living with my in-laws.  I was also told that in other states, there are certain renters' policies that do not allow for "renters" in their homeowners insurance policy. 

So, what I need to do now is find out if my in-laws homeowners' policy (Here in NY) allows for renters, if it does, I have to get a basic renters policy for me and then I can get the umbrella. The major issue is if my in-law's policy does not allow for renters, I am really f-ucked. The other issue is my wife, and I are trying to not involve my in-laws (her parents) in our business.  

If any is from NY and can confirm this, please let me know.   

thank you everyone for your input. It seems like I have a bunch of people with knowledge giving me various bits of advice.  

@John Mocker. I will DM you if that's ok?

@Colleen F.. I did use an independent agent. He got me a quote from Steadily.  He said I have to get a policy from an agent in the state I live in. 

@David M.
It's for the property I'm buying.  Maybe I didn't convey that properly to Geico when I called for a quote.  

Well, I don't have it, I'm under contract with a closing date in January.