(Umbrella) Insurance Policy

[Louis Phlips]

Hello all,

I posted before, and got some awesome comments and suggestions, so I thought I'd try again..

I am in the process of purchasing an investment property (duplex) in North Pole, Alaska, and am looking for insurance. The property is valued at $225k, and am able to get an insurance premium through Country Financial for approximately $660 annually that would cover $500k in liability. To me, this seems rather high for relatively low coverage. Would it be a better idea to keep looking for another policy, or would it be better to stick with this policy and look into an umbrella policy?

[Mary M.]

I would ask an insurance broker to shop it for you. That is AFAIK, the best way to get the best price and most appropriate policy

AFAIK, an Umbrella policy sits on top of your other liability policies and only comes into play if those limits are reached. 

I was told that you don't want too much insurance. you only want enough to cover what you own. 

Hopefully some of the Insurance folks  on here will respond :)