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Started By
Message
Umbrella Policies
Posted on 2/9/23 at 8:48 am
Posted on 2/9/23 at 8:48 am
I'm not familiar with these but what would you do in my situation? Forgive my ignorance as well but why do I need them?
Situation 6 rentals, 1 primary. I will usually flip 5-10 properties a year. Not sure if that factors in.
2 rentals are in an LLC, 4 in personal name.
Situation 6 rentals, 1 primary. I will usually flip 5-10 properties a year. Not sure if that factors in.
2 rentals are in an LLC, 4 in personal name.
This post was edited on 2/9/23 at 8:51 am
8
Posted on 2/9/23 at 8:57 am to Billy Blanks
Dude.
You need it.
Do you like having those rentals?
You need it.
Do you like having those rentals?
Posted on 2/9/23 at 9:11 am to Billy Blanks
quote:
4 in personal name
Lost your mind. Yes! You need it.
Posted on 2/9/23 at 9:13 am to UpstairsComputer
quote:
Lost your mind. Yes! You need it.
I've read there might be a "due on sale" if I quit claim them, no?
Posted on 2/9/23 at 9:13 am to Penn
quote:
Do you like having those rentals?
Yes, I carry insurance on them.
quote:
You need it.
This is what I need help on understanding.
Posted on 2/9/23 at 9:20 am to Billy Blanks
LINK
This is a pretty good read on why umbrella insurance is a very good idea for someone with rental properties.
Do not let someone come after all your assets. Just good protection to have, there's very legit legal cases sometimes and other time you'll have some scammy people try to come after you because they know you have a lot of assets, just good to protect your assets in case you happen to lose a case.
This is a pretty good read on why umbrella insurance is a very good idea for someone with rental properties.
Do not let someone come after all your assets. Just good protection to have, there's very legit legal cases sometimes and other time you'll have some scammy people try to come after you because they know you have a lot of assets, just good to protect your assets in case you happen to lose a case.
This post was edited on 2/9/23 at 9:24 am
Posted on 2/9/23 at 9:32 am to Billy Blanks
quote:
I've read there might be a "due on sale" if I quit claim them, no?
Umbrella is for liability protection (tenant slips a falls due to your negligence - or perceived negligence - and sues you and wins), nothing to do with transferring title. Once the lawsuit has started, transferring the title won't help.
Posted on 2/9/23 at 9:35 am to Billy Blanks
Umbrella insurance kicks in after the policy limits of your auto/home insurance are reached. From what I've read, by having such a large policy your insurance company will be more willing to fight it out than settle.
I have umbrella insurance because I have assets that significantly exceed the max policy limits of my house/auto insurance.
From what I understand, most of my assets are protected (primary house, 401k/iras) from creditors but it's very cheap insurance imo for peace of mind.
I have umbrella insurance because I have assets that significantly exceed the max policy limits of my house/auto insurance.
From what I understand, most of my assets are protected (primary house, 401k/iras) from creditors but it's very cheap insurance imo for peace of mind.
Posted on 2/9/23 at 12:21 pm to UpstairsComputer
quote:
Umbrella is for liability protection (tenant slips a falls due to your negligence - or perceived negligence - and sues you and wins), nothing to do with transferring title. Once the lawsuit has started, transferring the title won't help.
In Georgia, insufficient liability coverage will place a judgment against all real estate owned in the state. You own 5 properties in Georgia, I lien (judgment) grabs all of them.
That means you can't sell, refinance, or quit claim without settling the judgment.
Mortgage underwriters won't give you a loan because judgment will cloud title as soon as you take possession of real estate.
Posted on 2/9/23 at 12:46 pm to Billy Blanks
quote:
This is what I need help on understanding.
It is cheap and is a backup insurance policy to protect you (and your assets) from personal liability. You should call your agent today and get it. It’s simple and very important, especially for real estate tycoon like you.
Posted on 2/9/23 at 2:44 pm to Billy Blanks
We have 1 rental and a pool and absolutely have it.
Posted on 3/8/23 at 10:05 am to Billy Blanks
How long should my agent take to give me a bid? One is for my LLC and one is for personal names. 3 million policy per.
He claims he's still working on them. I requested a quote the day of this post, nearly 1 month to the day.
He claims he's still working on them. I requested a quote the day of this post, nearly 1 month to the day.
Posted on 3/8/23 at 12:01 pm to Billy Blanks
Who handles your car insurance?
Most often, having your car insurance can be a requirement to package the umbrella behind it (most claims are from high speed auto accidents. High speed being anything over 35 mph).
If you have car accidents and moving violations, it may be more difficult to get you the policy (thus the delay).
If not, you may want to contact another agent for a quote of all your insurance.
Most often, having your car insurance can be a requirement to package the umbrella behind it (most claims are from high speed auto accidents. High speed being anything over 35 mph).
If you have car accidents and moving violations, it may be more difficult to get you the policy (thus the delay).
If not, you may want to contact another agent for a quote of all your insurance.
Posted on 3/8/23 at 2:52 pm to Billy Blanks
Took me ~1 hour calling my car insurance company
Posted on 5/11/23 at 8:21 am to Billy Blanks
Well...I finally got the quotes. Yes, it took since Feb 10th.
2 million policy $929 yearly
3 million policy $1,238 yearly
5 million policy $1,625 yearly
I flip houses often, have 5 permanent rentals and a primary home. Rentals run from 250-330k (not sure if value is of consideration/)
Primary is paid off but worth about 750.
What would y'all do?
2 million policy $929 yearly
3 million policy $1,238 yearly
5 million policy $1,625 yearly
I flip houses often, have 5 permanent rentals and a primary home. Rentals run from 250-330k (not sure if value is of consideration/)
Primary is paid off but worth about 750.
What would y'all do?
This post was edited on 5/11/23 at 8:22 am
Posted on 5/11/23 at 8:23 am to meansonny
quote:
If you have car accidents and moving violations, it may be more difficult to get you the policy (thus the delay).
If not, you may want to contact another agent for a quote of all your insurance.
3 moving violations, nothing else. He claimed it was because some of the rentals are in my llc, some are in personal name.
I nearly did just that. I was getting annoyed.
This post was edited on 5/11/23 at 8:43 am
Posted on 5/11/23 at 8:34 am to Billy Blanks
quote:
What would y'all do?
Unfortunately, you are buying peace of mind.
You can have $2M coverage... but someone can sue you for $4M.
You can have $4M coverage, but someone can sue you for $10M.
It isn't even about matching your asset limits (many people total up gross assets and set their coverage at that spot. But someone can always sue them for more than that and they have exposure. You can't tell the plaintiff how much to sue you for).
There is never a limit that makes your assets "untouchable".
That said... pick a premium where you won't feel regret if you were to get fricked. Pick a limit where you feel that you did everything reasonable to protect yourself. Buy that much.
As your moving violations get older, shop or requote the umbrella insurance as the same premium should qualify for greater coverage.
Posted on 5/11/23 at 11:45 am to Billy Blanks
quote:
4 in personal name.
You need coverage.
Posted on 5/11/23 at 1:54 pm to OTIS2
quote:
4 in personal name.
You need coverage.
Thinking of doing the 3 million.
Posted on 5/11/23 at 2:38 pm to Billy Blanks
Wouldn’t having the properties in an LLC and a quit claim deed prevent someone from going after other assets if they’re injured on that property?
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