All Forum Posts by: Saberian Younger

Hey guys I could really use some help finding a stand alone umbrella policy for 1-2 million. I've tried to go several different routes and keep coming up against road blocks. My current insurance company has the cars, several SFH and a fourplex, they say that typically the umbrella goes through however has your cars. Well this particular company says they'll only give me an umbrella if the have all of my cars/properties. Then when we go to move everything over to them they say they can't cover one of the SFH because there was a claim on the property (The water well pump burnt up a year or two ago).

So... I start searching around for other companies such as Geiko and they only will do umbrellas on a specific number of units, which I have more than they allow. I hate to move all of my insurance away from my current guy because his rates are so much cheaper than I've been able to find elsewhere.

I'm not sure what to do at this point and any help would be greatly appreciated. Thanks for taking the time and reading this.

I was told by my mortgage broker that it's much harder to borrow against, i.e pull money out of with a cash out refinance. Which is kinda my whole game lately. I know some investors do and love LLC. I will set up an LLC eventually but not on my properties, on my property management company. That way I can pay myself a salary out of that company and not have my money tied up. That's advice from my attorney as well. However, the same attorney advised to umbrella policy every policy initially until I told him my mortgage guys advice and he said, "Oh well yeah I guess there's that." I'm just trying not to paint myself in the corner before I max out on 10 personal mortgage allotted. Also, I'd be careful sharing LLC and personal money like that. Not an attorney though...

I've talked in detail with several people about this. An LLC also ties up money and makes it difficult if not impossible to access it. The advice I was given for my portfolio was a 1-2 million umbrella liability policy. The quote I got for 1 million was $100/month. I know investors do both but that's the route in using.