Registered: 1378483584 Posts: 2
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I have 2 rental properties and my personal home under different insurance companies. Can I buy an umbrella policy to cover all 3 properties from a third insurance company or does all properties need to be under the same company issuing the umbrella? Thank you.
Registered: 1378787234 Posts: 1
Reply with quote #2
Most Insurance policies do not fit for the rental situation, because of the confusion rental scenarios like they provide cover to owner occupied properties and secondly they only those homes where family is living cover is provided.
But talking to the rental property these insurance policies would not provide the best solutions as they are created in such a way. It is not good idea to think that any basic coverage will do for the rental property, as the company providing different kind of insurance. Taking the insurance policy on basis of the self owned property but lately rented that property against the company policy would dwell in worst situation as the company cancels the policy which deprive from being any kind of investment done by you. So it is best that provide the truth before taking any kind of policy that would make your future listing bright. So it is good idea to have a liability insurance that completes all these worries by making you hearty happy as this policy is specially created to provide advantage over the others or in simple way as the name as the work. It is an insurance policy that provide additional coverage that is not provided aby any kind of insurance. According to it ne enjoy $1 to $5 million coverage by taking coverage of a$1 million as in simple means at this other policy is exhausted so it is better to have umbrella insurance under such circumstance, for more information it is good idea to know from here - http://www.tradecoverwa.com/income-protection.html
Registered: 1357962542 Posts: 51
Reply with quote #3
No idea what that first answer is.
I don't believe you need to have them all under the same insurance company to get an umbrella policy, but I could be wrong. I know my parents had (probably still have) an umbrella policy, and I don't think they have all their insurance policies with the same company (they own many rentals). My husband and I plan to look into getting an umbrella policy ourselves, now that we own a few rentals ourselves. Best bet is to probably just call a few insurance companies and ask. You can start with the one you have insuring your properties if you want.
Registered: 1378483584 Posts: 2
Reply with quote #4
You are correct, none of the properties need to be with the same insurance company. I was able to purchase an umbrella policy that covered both my rentals, personal home and auto. I didn't even have to give the addresses of the rentals. I went through an insurance broker. I'm going to confirm my coverage when I get the policy in the mail with the provider. thanks.
Registered: 1381492621 Posts: 8
Reply with quote #5
just dropping by to say hello Duplex in Bhopal
Registered: 1398506458 Posts: 28
Reply with quote #6
It is not necessary to get all the homes insured under the same company. If people prefer this, its only because of the convenience, nothing else.
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