I'm thinking about switching Insurance Companies and I've hear Costco have great rates for home owners, umbrella policies and rental insurance.Do any know anything about Costco insurance?

We have some very interesting discussions, usually with a bottle of wine or an umbrella drink, and try to keep politics out of it to avoid fights.

I read about mortgage insurance, landlord insurance, hazard insurance, homeowners insurance with and without umbrella policies, replacement costs, etc.

I've seen many people instead simply obtain an umbrella policy to get added protection for themselves in the event of something happening at the rental property.

That way they get the added benefit of an LLC (I don't use an LLC, I have a large umbrella).

If someone attaches a judgement against you; you will be on the hook until it is paid.Typically an umbrella policy is only a couple hundred for a 3-4 million dollar policy.I'm a tax accountant and represent people before the IRS.You will be treated as a sole proprietorship for purposes of flipping homes.You income is the sales price, plus any other miscellaneous income you may receive.

For rental purpose you need to have an HO6 policy, which should cost you less than $300 with minimal liability and then you link it to you umbrella policy for a small fee.

Some saying have an LLC, some saying having an LLC for each property, or in my case with 1 property that umbrella insurance should be enough.

Closing costs is an umbrella term for various line items on the HUD-1.

If there is a $2m umbrella sitting out there and an attorney can make a quick $600k...