Umbrella Coverage
I’m about to purchase a 3-unit townhouse and just started looking into insurance needs. I was looking at umbrella policies and saw offerings of commercial umbrella coverage. Is this different from a personal umbrella policy? I will be living in one of the units, and I want to make sure I am properly covered. In…
I’m about to purchase a 3-unit townhouse and just started looking into insurance needs.
I was looking at umbrella policies and saw offerings of commercial umbrella coverage. Is this different from a personal umbrella policy? I will be living in one of the units, and I want to make sure I am properly covered.
In addition to home and umbrella coverages, I have a car (currently with geico) and would switch coverage if I can get good discounts for having all 3 with the same company. Is it generally better to keep everything under one insurance company in Brooklyn?
Thanks
Most companies will offer you better rates if you combine your auto, home and umbrella insurance ( http://aarp.thehartford.com/Insurance/personal-umbrella-insurance.shtml ) under one policy.
Geico sells a reasonably priced personal umbrella, though you should ask their agents in the personla umbrella department if they will cover all aspects of a 3 unit building.
If you really want to CYA, you can make all your tenants purchase both liability insurance limits of $1m and a personal umbrella policy. Total cost for renters insurance and an umbrella is only around $500-$600.
I don’t know with ‘in brooklyn’ has anything to do with it – but generally better to get umbrella with your car/homeowner policy. And would think personal not commercial.