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Updated almost 3 years ago,

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10,240
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Steve Vaughan#1 Personal Finance Contributor
  • Rental Property Investor
  • East Wenatchee, WA
16,093
Votes |
10,240
Posts

Anyone else erminating their umbrella policy?

Steve Vaughan#1 Personal Finance Contributor
  • Rental Property Investor
  • East Wenatchee, WA
Posted

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?  

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