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Updated almost 3 years ago,
Steve VaughanPoster#1 Personal Finance Contributor
- Rental Property Investor
- East Wenatchee, WA
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Anyone else erminating their umbrella policy?
Until this month, I've had an umbrella insurance policy for years and years.
After responding to the 137th "should I have an LLC?" thread, I was reminded I am swimming a little less protected today.
A $1M policy used to cost $280/yr. Awesome valu. Then $360. Last year $440. This year $506/yr. Nah, cancel that.
I still maintain max liability on vehicles and rental houses, but dropped the umbrella policy. We've also reduced by 22 units in this amazing sellers market and have a PM for half the remaining so less risk. Cost to me was outweighing the benefit.
Anyone else flinching at the high umbrella policy premiums? Choosing to terminate, or?