I spent quite a bit time last year trying to get better insurance quotes/right coverages for my stuff. Here's what I have now:
Car #1 08' Hyundai Elantra
250K/500K Bodily Injury/$100K Property Damage
250K/500K Uninsured Motor Vehicle
No Comp
No Collision
Medical Payments $2,000/person
Total Premium $606.84/yr
Car #2 12' Chrysler 200
(This car is still under a loan, and is my one un-mustachian thing that I own)
250K/500K Bodily Injury/$100K Property Damage
250K/500K Uninsured Motor Vehicle
Comp $500 deductible
Collision $1,000 deductible
Medical Payments $2,000/person
Total Premium $807.74/yr
Condo Insurance
(Condo is worth roughly $131,000, I am not responsible for the exterior of the building. I am responsible for all the interior, including HVAC, and water heater)
$500 Deductible
Building Prop $45,300
Personal Prop $100,600
Loss of Use - Actual Loss Sustained
Loss Assessment $1000
Personal Liability $100,000
Damage to Property of others $500
Medical Payments to others $1000
Total Premium $244.00/yr
Umbrella Policy
(All previous insurance costs above are the minimums required for this policy)
$1MM Coverage
$337.00/yr
Term Life
$250,000/20 yr
$23.50/mo = $282/yr
Total per yr = $2277.58
I am 24, and my wife is 23. I have not been able to get quotes lower than the above (except for only life from a separate carrier), even with 3rd party independent reps that work with subsidiaries of the big insurance carriers.
My questions:
Is it worth having the Umbrella policy at our age? It currently means that my other coverages (auto especially) have to be higher to meet the insurers minimums for the policy.
Even with owning a used car, the insurance on it is still quite high, compared to my newer Chrysler. If I traded in for an older model car, and paid in full, it doesn't seem like a huge difference. (Of course I would rather keep $200/yr in my own pocket.)
Do I have enough coverage for my condo? Our personal property doesn't exceed the $100,000 coverage, even with having to buy a new HVAC, water heater, and appliances. The only extravagant building material in our unit was granite kitchen countertops that were installed by the previous owner before the market crash in '08. If I had to replace those, they would come from boneyard pieces from one of the retailers that carries it, seeing as though the ones that are currently installed came from the same place it looks like.
Does this amount of insurance/year at that $ value seem normal? Or am I getting taken for a ride?
Thanks all.