Hi all, I'm reviewing my insurance for my home and rental property and considering adding umbrella insurance.

Do I need to setup an LLC or get an umbrella policy?

I'd also suggest to start laying to future path bricks early in the conversations but in the humblest way possible such as "going forward I'd really like to grow and expand upon this relationship, and at a future date discuss potentials for an acquisitions line of credit for short term holding of properties that at a set holding $ rolls into an umbrella commercial mortgage of some kind.

A $1m - $2m umbrella liability policy will probably cost less than $500 per year.I'm not one to spend someone else's money but the fact you're thinking / considering it would be enough to make me take action. 

I got FHA with owner occupied so what is the best option LLC vs umbrella policy specifically if one of the tenant sued me for discrimination?!

Exhaust your conventional financing options first because those loans are way cheaper than conventional money and just get yourself an umbrella liability policy to cover any liability issues you may encounter.Welcome to BPBest of luckStephanie

It shouldn't be taken lightly.Adequate and appropriate liability insurance would be a general first step (which might include a general policy and an umbrella policy).Maybe an LLC makes sense, but you'll want to rope in your tax advisor to make sure you're keeping administrative costs as low as possible in the beginning.A good tax advisor will help you navigate business deductions surrounding the use of your property, as home daycare allocations are unique.

I’d love to find a mentor if possible and would enjoy learning under they’re umbrella.

We have a large umbrella policy on our insurance, but we want to take all of the correct steps to insure that we are protected.

Can anyone else please help me get an umbrella insurance?