How much insurance is too much?

[Rob Bianco]

My insurance broker and I are not seeing eye-to-eye lately. I own about 15 duplexes and I've always felt like I paid a little too much on insurance because I always paid more than anyone else I knew. I never really thought to look into things until my insurance broker said my rates would go up 20% - 30% moving into 2024-2025. 

Right now I'm paying about $100/month per door. Most people I know are paying about $75/month.

So I went and got quotes from NREIG and Shelter Insurance. My insurance guy said their quotes were DP1 and he's writing DP3 and wouldn't touch DP1 policies. My Broker's policies include things neither NREIG or Shelter offered including coverage for: Sewer Line, Water Backup, Water Damage, and Personal Property. 

As a business owner paying more is costing me about $7200/year in extra expense. I don't want to be over insured or under insured, but it's hard to tell what's what because everyone in insurance is such a good salesman. What should I be doing?