Lot's of good arguments for keeping your umbrella. I won't drop mine despite having under $300k in non protected assets other than primary home.
But i didn't see anyone mention shopping to reduce the cost. If you've been with the same insurer for two or three years, you may realize substantial savings by switching. There is no benefit to loyalty. Their pricing models penalize inertia.
And I appreciate that business model as a stockholder and customer that shops my policy every 3 years and frequently changes insurers. It's the same as always, the lazy shoppers subsidize the cheapskates with time to shop.
Develop a system to streamline the process. I like sending last year's policy documents with all pricing to the competition and ask for a better quote with all correspondence by email. Absolutely no phone calls accepted! And there is usually a better offer.
What is surprising to me is that insurers haven't yet developed a way to identify customers like me and avoid the turnover with more appropriate price increases. Especially when informed that I'm a shopper. Oh well.
Going through this process right now a year earlier than planned since a 24% rate increase after Farmers bought the MetLife property insurance portfolio. Too bad...I really liked the current agent.