Personal Finance (Not Investing) • Insurance coverage-auto, umbrella, renters

Hi all,
I know there are older threads but I would like some individual advice. When my SO died 6 mos ago, I quickly updated the policies to my name only and upon review looks like I also increased coverage. Below is what I now have--I think I need a few adjustments. I'm almost 82, NW $950K. Insurer is USAA. 2000 Mazda, only 10K miles driven per year. I can afford current insurance, I just don't want excessive coverage
AUTO
Bodily Injury 500K
per accident 500K
prop damage 300K
med payments 25K
uninsured motorists 500/500
comp & collision $500 deductible
Premium is $1400 per year. I definitely need to raise deductible to $3K or more.

Umbrella is $1M, premium is $144 (Assets $950K; I think when I inquired $2M was close to double that)

Renters - $50K with 500/5 liability and $250 deductible (what was I thinking????) premium is $375. Probably can drop coverage to $40K or so and certainly raise deductible to $1000.

I'd welcome comments, especially about coverage and deductibles. Thanks.

Statistics: Posted by nonnie — Sat Aug 17, 2024 7:14 pm — Replies 1 — Views 332

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