Umbrella policy or some other kind of landlord liability insurance .I own this condo in my own name , no LLC yet.Gieco (I have my Auto Insurance) has quoted me $365/year for a 1 million dollar Umbrella Policy.

I would still have umbrella and property insurance, this would only be for something catastrophic.Thanks

@Atwan Kwan Do you have an umbrella policy?

explore umbrella policies.

I knew about the concept of househacking before I even knew that the practice fell under the umbrella term of "househacking", which I just learned today.My question today is this: If you were to take out an FHA loan and househacked an owner-occ 4 flat and payed off the PITI in full, would it be possible to be able to convert this said property into a non-owner occ investment/rental property, refinance the property and pull out equity to use to take out another FHA loan on a 4 flat owner-occ to househack?

If the damages exceed your $300-500k liability and the $1MM umbrella you carry (hopefully, they're quite inexpensive for the coverage they offer), does the tenant's $100k policy make a real difference?  

If a tenant signs a 2 year lease...pays first, last and security....then at the 3rd year...obtains HUD assistance....how does the LAST MONTHS RENT get handled after 9 years under the HUD umbrella??   

There are tons of protections, insurance (hazard, umbrella, E&O, workmans comp), LLCs, policies, etc.  

There are two major things you can do here:Have a solid umbrella policy to on top of whatever other insurance you already have in place.Require your tenants to have renters insurance.

these suggestions are spot on. either charge them all and hire someone. or eliminate it and put benches umbrella so they can eat lunches outside.but then again... who'd want to be outside in AZ at any point 10 months out of the year?