Umbrella Insurance

[Ryan Haase]

My wife and I just rented out our 7th home and we've decided to get umbrella insurance for some extra protection. Our insurance broker can can only offer $400/year for $1,000,000 of coverage. Does that sound about right or high?

Thanks in advance.

[Anthony Lee]

@Ryan Haase Congrats! 

The price may be about right, maybe a bit on the high side, it depends... My concern however, would be the amount of coverage. 

As you mentioned, you and your wife own multiple properties. From that alone, I would say 1 million is insufficient. Without knowing the full picture it is difficult to say what you should have. That being said, I would still presume that such a limited amount of coverage, though better than none, may still leaving a huge coverage gap and should be addressed.