Liability is not really an issue if you properly vet your tenants and then treat them well, and any way a $1m umbrella policy is very inexpensive when added to your homeowners policy.Our first property was an up/down duplex, which we lived in for 6 years as the tenant paid the mortgage and the property appreciated.  

Eliminate the use of debt as much as possible, saving cash reserves, diversification of investments, math equations, insurance up to the wazoo for everything we can think of (life, disability, long term care, umbrella liability),and among the many of other things of course you need to keep giving back and educating yourself, which is why we post in these forums.

Check with your homeowners to see if you can get an umbrella policy to cover this.  

For now we've decided to get additional umbrella liability insurance and buy any further properties directly in a corporation. 

I have hundreds of tradesman that work under our umbrella so we can usually keep the costs down long term. 

.), and carry an umbrella - 'cause it will rain some day!

I shopped insurance for about 8 months and never found anybody local that would do rental properties at a reasonable rate - had to put them in an umbrella policy that included properties from several other states.  

I think you will hear pros and cons on this, but if you keep a good umbrella policy you should be fine.3.

If you are looking at the entity as a legal shelter, consider purchasing a $1M+ umbrella policy on the property.

Hello, need suggestions on securing umbrella coverage for 3 multis total 7 units.