Increasing Condo Insurance instead of Umbrella - Thoughts?

[Nicole Dorsey]

Hi there! I'm new to the BP community and am excited to be here!

I purchased a condo unit 2 years ago and have just started renting it out. After doing research I had originally planned to get Umbrella Insurance however the premiums are coming in very high, mostly because they require auto insurance which I don't currently have or need (I live in the city and drive a company car that has its own insurance).

In short, for a $1M Umbrella policy they're saying I would have to pay $1399 in various premiums, $900 of which is for the auto insurance alone. I've reached out to over 15 different insurance companies and all are requiring the auto insurance unfortunately.

As an alternate option, I'm wondering about just increasing the condo policy to $1M (which includes a Personal Property, Personal Liability, and Medical Payments to Other coverage) for a premium of only $117.

Is there any huge advantage to the $1M umbrella policy that wouldn't be covered in the $1M condo policy? Do umbrella policies cover against a broader range of landlord-related things that I would miss out on by just having the condo policy? It's a small (500sf) studio so not a big property, though there is a lofted bedroom (accessible only by ladder) that definitely is concern for tenant injury.

Any advice or thoughts would be helpful!!