Insurance is killing my rentals

[Hobart King]

Can someone tell me what a normal amount is to pay for Insurance on low end rental properties? I own two rental properties in a 50/50 partnership in Birmingham, AL. 

Rental 1: Market Value ~50k. Insurance Payments are $1,829/year and rent is $590/mo. 

Rental 2: Market Value - $120k. Insurance Payments are $2,244/year and rent is $1,100/mo. 

Carrying Fire insurance 70k on the first and 100k on the second. Personal Liability $1MM on each. 

Does this seem in line with market rates? I feel like this is an absolutely ridiculous amount of money to pay to fire, water backup, and liability insurance. What are other people paying? Anyone you guys would recommend?

No loans on either of these properties. Would it be better to just not have insurance and be out the money in the minuscule chance that these houses burn down? I can always get personal umbrella coverage to cover the liability I think. 

Thanks,
Hobie

[Paul Brown]

I used to own an insurance agency. You need to find a broker that can shop for commercial rates. Stay away from the name brands Allstate, State Farm, Farmers, etc. they can do it but since they dont specialize in it they charge insane prices. Also you need to shop your insurance annually and a good commercial broker that works with multiple carriers can do that for you.