Just curious everyones thoughts on using an umbrella policy vs an LLC especially with an expanding portfolio?

@Eric YuThere are several considerations that can go into the analysis of whether you need an LLC or whether a large insurance policy will suffice.

There are policy and procedures in place.

Everything documented all the time for clarity and transparency.Same.....Has been a HoltonWise company policy for over 10 years. 

My insurance doesn’t allow smoking and if I don’t address a problem when I discover it I could be at risk of a policy cancellation or non-coverage if the smoking were to set the building on fire.

Either way, they are past my cancellation policy so if things are fine, they should come, if they are not okay, then I will refund them because they really won't have an option.  

My policy is to screen someone high up in the company, like a CEO, President, etc.

Be also mentally and emotionally prepared for the folks that think just because this is not your primary home, it's somehow less of a catastrophic event for you because others did lose their primary homes.That's why it's vital for you to form support networks with people who are in your same boat - ideally in the same community.This truly pains me to share - but most of the disasters I'm seeing across Western NC are going to be considered flood events and if you do not have a separate flood policy you will likely get no coverage.

We have a policy we meet all our borrowers on site to shake their hand and walk the property before issuing a term sheet.

I had a lot of luck with ASI ASI and Safeco early in my journey, and then I stumbled upon a different class of insurance companies that are more geared towards investment properties.My policies are currently underwritten by SES and they have been great to work with and very geared towards the investor.My insurance agent is a sage source of counsel on the subject and I bet he'd be a good resource for you if needed!