Any need for extra umbrella insurance if I own a few properties?

[Atul Mohlajee]

Is there a need for extra umbrella insurance (extra 1 million or extra 2 million ), over and above regular individual insurance of $1 million on each individual property I own. I own 11 properties with biggest one being a 6-flat bought for $567000 this June. Others are 2, 3 flats, SFH's, condos, townhomes etc. Insurance company has been trying to oversell and just wanted to know others views on this. If I am sued on all 11 properties, individual coverage of 1 million each will be separately available and applied to each property.

Thanks.

[Sierra Crisp]

@Karen O. the amount that you purchase plays a factor in price. If you purchase a 2 million dollar policy you may pay 100 dollars more than the 1 million. For most people the one million is sufficient. Keep in mind that this is in ADDITION to you underlying limits. So if you have 500 thousand dollars of liability on your auto, you effectively have 1.5 million dollars of coverage. (At least in California. Insurance guidelines can vary slightly by state.) We actually charged more depending on your underlying insurance. 

 - how many drivers are in the household

- how many cars are you driving

- how many homes do you insure

- do you have a pool

These things all play a role in your cost, even if they aren't huge increases. We charged 10 dollars more per year for every pool, 10 dollars for every car, and 25 for every extra driver. (55 dollars if that driver was under 25.)