Posted by JT-IN on July 08, 2003 at 07:05:46:
Rates are largely regional in nature. It will cost more on the east and west coasts, than in the midwest, as a general rule. MOLD is a major issue when determining cost in property coverage today. Fortunately, it is not that much of a problem in my area, but in areas where it is, the rates are reflecting this.
My rates in Ohio are no where near the 25K number you were quoted. While my rate is sort of convoluted, due to covering so many different things, my guess is that my rate for 1m liability is around 7K, or less. I know that I just added an additional 2m in commercial liability umbrella coverage for about 3-4K.
These are stab in the dark numbers, but in he ballpark for my location. You need to shop the rates, although in todays insurance market, where companies are mandating that their agents reduce their clients by 15% or so, (sorting out the dead wood to enhance profitability), rate shopping is hardly very competitive. Many agents/companies throw out a ridiculous number and if you bite, so be it. You may need to rely on referrals to commercial agents who want to write new business, in order to get a competitive or accurate quote. Keep in mind that not all agents want, or are able to provide a quote that will win them business, due to the company mandates.
Just the way that I view things…