Insurance cost

[Amy C.]

Hi,

We are buying a triplex in Philly, as a rental, not to live in. Regarding the cost of insuring the building, which is being purchased for $262,500, my agent quoted me $2486/year. Does this sound reasonable?

With no LLC, we are going to buy an umbrella policy for this one and only rental (though hoping to buy a couple of more in the next several years), but for now, which sounds like a better buy...

$2 million for $579/yr or $3 million for $779/yr...I'm inclined to CYA (ours) for $3 million. Opinions? Thanks!