Also, most Umbrella Policies only pay out if your underlying policy pays out, and the underlying policy will do everything they can to find an exclusion or that you were negligent (which you probably were) in the cause of action to get out of paying the claim.

The income requirement was $6000.

If you are worth “something” then you need the umbrella policy.

Loss of rental income is only covered if it is listed in your policy.  

(income = 3 x monthly rent, Debt-To-Income, etc. can still be used!)

I have landlord policies for my rental properties in TX and AL states, but I am not able to get an umbrella policy form my current insurance company, because I do not have car insurance and primary residence in US, as I am not a resident in US.

Quote from @Brandon Larson: It's important to have established policies and procedures, but I wouldn't put a lot of effort into that with only a duplex under management.

I’m curious to hear from private real estate investors who’ve faced unexpected insurance claims and were protected by an umbrella insurance policy.We often see discussions whether investors should use an LLC or an umbrella insurance policy.

Also, can you say more about landlord vs renter’s policy on insurance ?

I use apartments.com, so the money didn't end up in my account until 1/6/25.Is this considered income for 2024 or 2025?