I’ve thought about this for a while. I have always carried just $25,000 because that’s the state requirement. I see the various services that say $100K is required but I never worried about it because those services hired me also.
Recently someone stated if you carry the $100,000 in coverage you get ranked higher than those with only $25,000. As the market tightens up, I decided I’d pay the extra money for the higher coverage when I renew in April. It jumps the premium over 3 times what I pay now but I decided it’s a good way to test the theory that says if you carry the higher coverage you rank higher for work. So I decided to do it.
I wanted to mention that when I called the agency that sold me the coverage they were not able to increase that policy without going to the underwriter so I contacted the underwriter directly who put the increase in coverage in motion and I’ll get a new invoice to pay online at least two weeks prior to expiration date. So I’d suggest you go directly to the underwriting company. In WA anyway.
I won’t pay for 500K or a million. I think signing services are probably required to carry those enormous amounts of coverage but 100K for an individual I see that request a lot.
Hope you have a great day.
