Originally Posted by stephenson
So a bit similar circumstances - I am still close to my rentals, but would certainly trade them via Starker if I relocated.
You maintained only liability then while in Florida? Again, a like circumstance.
I have $3M umbrella now from USAA, but have not yet checked if they will continue this with only liability on each of the properties.
Yeah I only had liability and an umbrella for total coverage on the rental properties, and I still was nervous haha. If I resided in Florida like you, I honestly don't know what I'd do. Obviously a law suit was my biggest fear, so I thought thru the process of getting sued, and what layers would a tenant have to go thru to get to my assets. You may already know all of this, but their attorney will first hit up your insurance company, which I felt offered a good enough shield. Maybe you can speak with a local attorney who is trustworthy and experienced in asset protection.
I spoke with an attorney my wife met thru church, and he was satisfied with my landlord insurance on each home and 1 mill umbrella policy here in PA. I sold a number of my Florida homes and did a 1031 swap with him, but not with all of the homes.
It sucks. The insurance down in Florida really eats at your income stream. Maybe raise rent if possible as I now hearing from tenants that finding SF homes in South Florida is really tough for one year leases. Many have turned them into Airbnb's if their neighborhood allows it.
50 bucks increase in rents per unit is already $600 per year which might help pay for that expensive insurance coverage. Just a thought.