Hi sfdragonboy
has geico gotten back to you recently regarding your umbrella …the new CA policy guidelines state 1 primary and 4 rentals and Geico has gotten very strict…so I am not sure when your policy comes up for renewal but you may want to check with them …
Hi Manch,
Can I get the name of your state farm agent ? I would like to talk to him/ her …I can message you privately if needed.
Thanks much
Hi Hanera,
LLC limits legal exposure a bit but not much else …and if you dont set it up correctly causes more problems …also with many banks the loan becomes due and payable immediately when there is a ownership change reflected
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I know a guy who specializes on taking a look at your net worth, and advise you on how to create an LLC, any corporation, or some other tax avoiding plan.
I thought somebody said no private messages exist? Really?
And no soliciting? 
Hi @bluesky,
Yes, got the bad news…the term letter. Soooo, I pulled all of my auto coverage with Geico and went back to my family friend who represents Farmers and where I have most of the underlying home policies through. Sucks, as it meant I am paying more. I chewed out the Geico rep (sorry dude) and told him well tell your sups as to why I am cancelling and maybe they can push it up. It would be one thing if I bought a thousand new homes but that one measly new Fremont home pushed me over the max. Joke…
Yup …same case here …I first asked nicely, went up to supervisor, escalated slowly… threatened to take away all the business …no dice apparently its a state policy thing and they have to conform …same case with All State …looks like Farmers and State Farm dont appear to be following this …yeah sucks big time since you have to pay more …I have not come across anyone who can beat Geico rates and service …So was Farmers able to write for more than 4 or did they use USLI or someone else …I read Manch’s post about how State Farm didnt care but the auto insurance rate they quoted vs Geico for same coverage was mind boggling …so net …yes have to Pay More for less
I believe under Farmers paper. May as well be. Hopefully they see what is going and change their underwriting guidelines.
Nice and informative!
Exactly…$100. Umbrella insurance is cheap. Get enough umbrella to cover your net worth. If you have $1m+ in net worth, it is a no brainer. You can afford $100/yr.
Sorry @bluesky didn’t see your post asking about my insurance agent. My agent’s name is Rachel Bhan. I do all my insurance with her: property, umbrella and auto. She’s pretty responsive with requests and I am very satisfied with her team’s service.
Looks like Yelpers agree. 5-star rating from 68 reviews.
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Apparently, once you have more than 4 rentals, umbrella insurance jumps because insurer like Geico refuses to insure.
For $1 mil umbrella, I was quoted $475 per year after acquiring one more rental. Geico no longer wanted to insure.
How much do you guys pay for $1 mil, $2 mil for more than 4 rentals?
Go for AAA umbrella insurance, they quoted me $514/year for $2M !
Did you get quotes from AllState, Farmers, State Farm, and Liberty Mutual?
Also, these guys want you to move the auto insurance to them. So I have to cancel the auto insurance with Geico.
I have all my insurances, Car, Primary, Rental, Umbrella, with AAA only and for many years almost more than 10 years. Whatever incidents/accidents happened, AAA promptly helped me, no issues. Since I am satisfied with the rates and service, I do not challenge myself to change insurance providers as the real face of insurance providers will be known only when we get into issues.
AAA website didn’t mention umbrella insurance?
AAA has multiple policy discount too.Call them, they will provide you one. I started Umbrella recently.
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Someone says limiting to a maximum of four rentals is a California only guideline. Can’t find anything on web. Only knows that Geico says max is four.
I am using different companies for various insurance. I save more money that way. The premium difference is much more than the multi-policy discount of 15%. I use Geico for Auto, Umbrellla. AAA for property.
My Geico auto insurance is 1/2 of competing quotes from any other company. Whenever I get a quote, insurance agent always ask if I’m sure I’m giving my rate for 1 car, not 2 cars. However, when I tell my friends, they check with Geico; their quote is not necessarily low. So there are a lot of factors.
I do have 1 question. Does rental properties’ insurance need to be from same company as primary residence? I checked different companies for primary and rentals, and the quote I got were really high. I really didn’t follow thru, because it is a hassle to deal with multiple companies. One Farmers agent said I need to get primary and rentals from same insurance company to get good rate. I heard from one acquaintance that is not true. What is your experience?
What is the logic of using net worth instead of most frequent max suit? Many sites use examples of $750k as suit amount so I presume is the most common suit amount, hence $1 mil umbrella regardless of net worth should suffice. Anything wrong with my logic?
Geico allows only max 4 rentals. Above 5, Geico doesn’t renew your umbrella.
I notice $1 mil umbrella doesn’t mean the same thing. Some insurance company means $1 mil less auto insurance, since min auto is $300k, so effectively is $700k. Some insurance company means add on i.e. $1.3 mil. There is no industry standard of the definition.
God, considering the increased overall cost (total auto goes up due to geico term, but primary house insurance goes down due to multiple discount), I would consider getting rid of the last bought property in Fremont to stay under the threshold…
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