I have one rental I purchased last year that was assessed at $120,000. My homeowners insurance policy covers personal liability $300,000, dwelling $30,000, personal property $10,000, loss of use $22,000.
I signed up for an 1 million dollar umbrella insurance policy because I was planning on purchasing another rental. However, for now plans have changed and I don't plan on purchasing another one in the near future. My umbrella insurance forced me to get renters insurance and am currently paying $29/month for umbrella & renters insurance.
If it matters my NW is around $150k, so well under the $300,000 personal liability coverage. Am I over insuring myself?