Randal...We are plannng to set up a parent LLC as an "umbrella" (STILL researching which state) then for each property we buy shall also set up an LLC in the State we buy in to own each property.

To cover yourself, my recommendation is to have a Builder's Risk (probably what you call a Renovator's) Policy for each property, and then carry an umbrella liability policy for your company for at least $1M.These types of umbrella policies generally run under $300/year (I use Allstate), and are well worth the cost...in my opinion, at least...

I do have a $1M umbrella policy.

I was speaking with my agent today and she was saying I need Liability insurance, but I was under the impression I only need an Umbrella policy.

IF your worried about being sued from a renter for example you will need an umbrella insurance policy to protect you.

I'm guessing that what Marie is referring to is the fact that her particular umbrella liability policy will only cover up to 3 rental properties, so someone advised her to LLC for the 4th property and beyond.

I have an umbrella insurance policy to cover liability.3.

I have bumped up my umbrella policy to compensate.

Account Closed, are you referring to umbrella insurance?

I also increased my umbrella amount for less than the old umbrella policy that I had with the other company.