Amfam has raised our renewal rate yet again for our dinky 1 mil umbrella policy from $420 to $530 coming up this April.
I am starting to wonder if it is really financially smart to keep it. After putting a lot of our taxable account into our new home build, we have most of our assets in 401K, IRA and Roth accounts now. Washington state passed a law in 2021 that increases the amount of your home protected from judgements from $125,000 to the greater of that or the median value of homes in your area, which would pretty much cover our house. We only have 1 vehicle, which is protected as well from judgements.
So essentially the blood from this turnip would be a couple of older motorcycles and our sailboat, which honestly, they would save us a ton of money if they took it.
I am having a hard time thinking of paying $530 for *maybe* protecting $50k in at risk assets if our current coverages on our normal policies don't cover what someone seeks. If they are not happy with our $500,000 policy on our home and boat, would they be ok with the $1mil, or would they want $5 million and we would still be in the same situation?