Insurance policy

[Paigow Chan]

After reading the good old thread (LLC vs Umbrella Insurance), went ahead to buy the umbrella insurance policy for now. May consider LLC if I have more rentals later.
I want to share my rate with you guys because I think they are great rate! But I won't surprise to hear someone shout at me again and say "that is HORRIBLE..." because you guys really know how to make the money rolls like a ball.
I had my auto insurance with COSTCO - Ameriprise Auto&Home Insurance (1-888-404-5365) since 2006. Their rate is already unbeatable that I had compared with others for few times.
We have 3 people (my nephew is 20) and 3 cars, it costs $1,047/6mon (the rate includes COSTCO executive member discount). I purchase 1MM Umbrella Insurance Policy for $345/year. Of course I need to insure my primary residence with them too. Guess what, $769/year ($1,000 deductible) with Liberty Mutual goes down to $494/year ($1,000 deductible). The best part is the auto insurance changed from $1,047/6mon to $854/6mon even after increasing to max bodily injury liability due to Umbrella Insurance Policy. They put the discount on my auto because the home and Umbrella Insurance Policy with them. It means I save about $26/m after buying Umbrella Insurance Policy!!! It really makes my day after revealing my bleeding investment in Las Vegas (LV) two days ago.
Unfortunately, they don't do insurance policy for landlord.

My LV property was still insured for $288,000 dwelling last year. I called my insurance company (underwrote by Travelers) to complain value of home is not even half of what is insured. Then they changed the policy under Civil Service Employees with $187,600 dwelling which is the lowest they can insure. The rate changes from $687/year to $424/year.
But the home value only worths about $100,000!
I will need to shop more insurance companies to see if I can get better rate on landlord insurance policy (Dwelling Fire Policy).
Any thoughts?

[Bill Gulley]

Your agent probably mentioned this, but the market value of your property has nothing to do with the replacement value, what it would cost to rebuild it after a complete loss. Becareful about insuring below 80% of the replacement value since there is an 80% co-insurance clause in most policies. When you go below 80% you are in essence saying you will cover 20+% of any loss, so if you had a 10K loss,at 20%, your claim would be reduced to 8K, minus your deductable,say $500.00 your check would be roughly $7,500.00.