Umbrella ☔️ Policy costing 3.000 ???😳😳😳

[Marisa Alvarez]

I have 10 Rentals.

Liability Insurance up to 1.000.000

I asked for quotes on umbrella ☂ policy and the agent gave me the following:

1,387 $ for 5MM

2,966 $ for 10MM

Is this the logical price ???

[Ian Shinnick]

@Marisa Alvarez I am a commercial agent based in Florida and with clients across the county. Pricing seems expensive. Not sure which carrier that is but I have several clients where I placed a $10M umbrella for less than $40 a door.  

Umbrella pricing is rated based on crime rates, type of tenant, underlying liability terms, conditions and pricing, etc. That being said there are a number of programs available that your agent should be able to price. 

Another strategy is to ask the GL carrier to provide a "per location aggregate" limit. This means that a loss at one location will not erode the limits at another location, ultimately, giving you more coverage. Then you could place a $1M umbrella at a lower cost and still improve your coverage. Just a thought.