I'm curious as to whether I should stick with my current coverage for two duplexes that I have through a local insurance agent OR switch to a self-service policy to save 25-30% a year. My insurance agent is part of our local REIA group. Nice guy and he is a very knowledgable agent, but it seems like both of my duplex policies have gone up over the years and his response is, "Well, you have great coverage and insurance costs are going up." Nothing we can do about it other than "increase the deductible to lower the premium".

This response doesn't sit well with me. I'm out of the Mid-Michigan area and I'm currently paying $2,050 / year for one duplex and $2,038 / year for the other. These are 70's built duplexes in great condition that I purchased for $190k and $220k within the last 4 years. No prior claims and paid in full discounts.

A couple of questions.

1) My Personal Liability is set to $1,000,000 for each policy. My current 'Net Worth' is a third of that, BUT, my agent keeps telling me to stay with $1,000,000 because an owner can get sued for MORE than their net worth and have years of garnishments after a lawsuit. Is he simply "Over covering" me to make his job easier? I'm a great landlord. I take care of my tenants and properties. Am I over covered?

2) Goofing around online with Progressive and Liberty Mutual, inputting all my own info with their online quote tool, I'm getting online quotes like $1,375 / year and $1,450 / year for 95% similar coverage. Are these actually decent options? Or, if I switched to these, would I have unexpected issues pop up with inspections / premium increases?

My situation is not complicated. I don't have a unique business or properties. Simple, long-term rental duplexes that I manage myself.

I would appreciate any and all thoughts! Thanks.