Separately my husband and I carry an "umbrella policy", aside from our primary home and auto insurance.So now that we're adding a rental house to the mix, I'm wondering what our protection strategy should be.I will talk to a lawyer as well (though I'm not certain if I should talk to one locally in WA where I am, or in TN where the rental house is - I suspect WA since that is where the majority of our assets is)..Anyway, I'm thinking the best option for us right now is to increase our umbrella policy, if needed (and of course to obtain adequate landlord insurance on the rental home).

Right now, the best one I see out there to use is the MULTI-member LLC with a GOOD COMPREHENSIVE OPERATING AGREEMENT/UMBRELLA POLICY.

I carry a $2M umbrella policy in addition to individual Landlord Policies.

hey guys, about to shop for an umbrella policy for my rehab business to cover our butts in case something happens. which companies are you guys buying with thats good for your business?

Or should I just get an umbrella coverage insurance policy and report the property on my 1040 Schedule E?

Do people usually carry umbrella for this?

Insurance: have business liability coverage ($500,000) and personal umbrella liability policy of $1 million as well.

You can accomplish the same with a good umbrella policy and other good insurance.

She will learn some valuable people skills, you can pay her a management fee (start a Roth IRA for her) and so on.If I had any advice it might be to get a qualified attorney to draw up the lease, consult your insurance agent for all needed protection (including an umbrella policy if you don't already have one), screen the roommates, and if she rents to friends she may lose them due to her 'manager' status.Lastly, what is your exit strategy?

Wouldn't a proper insurance policy with an umbrella policy afford the same level of protection????