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34. Quick Tip: The Crucial Importance of an Umbrella Policy for Real Estate Investors
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Nothing will kill your real estate investing career (or your personal finances) faster than an uninsured wrongful death or permanent injury claim on one of your investment properties!
Most homeowners/landlord insurance policies have a maximum of $300k in liability coverage, and in the event of a death or permanent injury on one of your rental properties, this is not enough.
In this week's quick tip, Jeff discusses umbrella liability policies with Florida insurance guru Mike Tonsetic, owner of Blanchard Insurance.
Jeff and Mike discuss:
- Why a personal injury claim can be the single greatest liability risk landlords and real estate investors face.
- Why personal injury and wrongful death claims greatly exceed the risk of property and casualty losses.
- How the "corporate veil" can be pierced by personal injury attorneys.
- How an umbrella liability policy protects real estate investors from this serious liability.
- Why an umbrella policy can be a one time "get out of jail free" card for real estate investors.
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