Amount of liability insurance

[arnettda]

I do 95% residential work and have a one million dollar liability policy. I have been doing some 9 and 10000 sg ft homes lately that cost way over a million dollars. I received a quote for a 2 million dollar rider and a 4 million dollars rider the 4 mill being close to 2k. Was wondering how much liability others carry? I feel like I should go with the 4 million one if any. Why have 2 mill in coverage when I could still end up owing 2million.

 

[mjf]

I do 95% residential work and have a one million dollar liability policy. I have been doing some 9 and 10000 sg ft homes lately that cost way over a million dollars. I received a quote for a 2 million dollar rider and a 4 million dollars rider the 4 mill being close to 2k. Was wondering how much liability others carry? I feel like I should go with the 4 million one if any. Why have 2 mill in coverage when I could still end up owing 2million.

I do predominately resi also. I carry 2 mill liability / 4 mill aggregate (whatever that means). I don't think any of my past resi customers homes are worth more than 1 mill.

 

[Rewire]

Talk to your agent and assses your liability. Most of our management companies require 2 mil so that is what we carry.

 

[ramsy]

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Compliance Depot appears to specialize in correcting insurance-coverage errors, and useless insurance sold to unsuspecting contractors.

Here is the discussion
http://forums.mikeholt.com/showthread.php?t=152559