In our own portfolio, as their housing needs change, some of our tenants have moved two and three times in and out of our properties just to stay within the umbrella of our management.

In this case I am looking at an umbrella policy to protect myself.  

I would bring an umbrella and a light jacket, but you'll probably not have to use them--especially if you stay in Waikiki (or any outer parts of the island) because it's nearly always sunny!

During this process we have heard about flood insurance & umbrella policies - aside from the standard insurance policies - but not much more.

There is a lot of prep that goes into it, all things which you may not necessarily do now as a LL or investor: 1 - You NEED to be an entity (LLC, etc.) for liability, for taxes, for validity - $5002 - You NEED an abundance of insurance E&O, buiss. liability, umbrella, etc. - $2,0003 - You need to be licensed (depending on state) - $1,200+4 - You need to set up special dedicated bank accounts escrow, operational, etc.- $200 (<-- your time and effort)5 - You need to draft or send your existing documents leases, agreements, etc. for attorney review - $500+ (<-- even if you don't you'll have to modify them/ time and effort)6 - You certainly need to establish your Tenant approval criteria and get attorney approval - $2007 - Property management software... no not excel, or cozy... serious software that allows you to have owner portals, tenant portals, maintenance, 'pull' funds from tenants bank accounts, send 1099's to owners, etc. -------- $600 - $3,000/yr.

That's your insurance for anyone getting injured.Look, there's about 70 MILLION housing units in the US, lots of people coming onto the property all the time, repairmen, delivery drivers, contractors, post office etc.In addition to your homeowners liability you may want to carry an UMBRELLA POLICY for at least ONE MILLION.

Then if you have a $4 million umbrella tied to your primary home and autos that also covers your condo then you would be meeting their $5 million liability requirement.  

We're exploring using an umbrella insurance policy instead but are not sure if it would provide the same level of protection.

If you're concerned about legal actions or asset protection, make sure you implement an Umbrella Insurance policy once the title of the property is in your personal name. 

I'm thinking 'landlord' insurance, a liability or umbrella policy?