I currently have a two million dollar umbrella policy on top of rental property insurance with limits set at $500,000.  

Hello everyone,I was reading a few other posts regarding this, but I don’t think anyone really put it in layman’s terms.I assume that the point of ensuring that your contractors have GL and workman’s insurance is because if they get hurt on the job, they are less likely to sue you because they have insurance to lean on.What is the true benefit of being added on to the policy?

Ask what their E&O coverage will cost you and what the policy limits are.Ask what expenses you're expected to pay for. 

I have checked with insurance before taking out a policy on both units (separate lots) and they had no exclusions for it, so I am good there.I guess my biggest dilemma right now is price point and what embellishments to make for what the return might be.We have in the are luxury condos, lakeside private acreages, lodge retreats, cabins, tiny houses (2 story trailers- if you will) ,residential like mine and campsites/tents plus the RV parks.It seems most places offer lakeview or lakeside as the drawing angle.

Smaller banks work off approval from a loan committee, so if they have a "good feeling" about you and your prospects, they may be willing to take a chance on you.

You have to update your insurance policy, otherwise you are uninsured2.

Rust uses various insurance companies but they issued travelers policies and various subsidiaries.

I generally don't allow in the property but allow outside as it is really hard to enforce a total no premise policy.  

I personally add $1M in coverage to my general policy on top of the $1M my booking company offers (Evolve) but, you should always consider more robust asset protections strategies like you will hear on the Podcast.  

A tenants policy will not cover the damage due to ground water seeping in.