What are you paying for umbrella insurance?

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sergio
Posts: 632
Joined: Sat Jun 20, 2015 6:52 pm

Re: What are you paying for umbrella insurance?

Post by sergio »

mathman wrote: Thu Feb 04, 2021 1:42 pm $198 for 2 million from State Farm
2 adult drivers; 2 Car insurances and Homeowners with SF
We just renewed at $230 for $2M at State Farm with 2 adult drivers and all other insurance with SF as well. With auto/home liability that's a total of $2.5M in coverage.

Really interesting seeing how many on here have enormous amounts (over $5M in coverage). In our state the average settlement involving wrongful death is $800k, and well over 99% of cases come in at under $2 million.
Steven28
Posts: 133
Joined: Thu Nov 06, 2014 2:47 pm

Re: What are you paying for umbrella insurance?

Post by Steven28 »

$5 million coverage (Amica Insurance) for $700 annually. 2 senior adults, no kids, 2 cars in Central NJ
hayhayday
Posts: 63
Joined: Tue Jan 15, 2019 12:42 pm

Re: What are you paying for umbrella insurance?

Post by hayhayday »

$380 5M Amica Ca for 3 drivers\ 3 houses\ 2 cars cheaper as underlying auto is 500/1m/100k vs 250/500/50 but cheaper overall and slightly more total coverage so could be worth asking if premium goes down if bump underlying to the max.
keyfort
Posts: 210
Joined: Thu Apr 04, 2019 12:46 pm

Re: What are you paying for umbrella insurance?

Post by keyfort »

So is there a consensus on which insurance provider has the 'best' umbrella policy terms? I.e. the fewest exclusions and most covered? I'm looking at going with State Farm and am glad to see others here have their umbrella insurance. I saw Geico's terms and just to my layman's eyes they seemed to have more exclusions than State Farm.

Would love to hear others' opinions.
oldfort
Posts: 2649
Joined: Mon Mar 02, 2020 8:45 pm

Re: What are you paying for umbrella insurance?

Post by oldfort »

keyfort wrote: Fri Feb 05, 2021 6:52 pm So is there a consensus on which insurance provider has the 'best' umbrella policy terms? I.e. the fewest exclusions and most covered? I'm looking at going with State Farm and am glad to see others here have their umbrella insurance. I saw Geico's terms and just to my layman's eyes they seemed to have more exclusions than State Farm.

Would love to hear others' opinions.
Auto-owners has the broadest coverage of the mass market carriers. Most people get umbrella insurance with whoever provides their auto and homeowner's insurance. I wouldn't worry too much about exclusions. 90% of personal umbrella claims are for auto accidents. One of the largest differences between carriers might be whether you get global coverage and whether excess UM/UIM is offered. If you need your umbrella to cover a private jet or yacht, then you aren't the target market for Geico to start with.
Jeepergeo
Posts: 156
Joined: Sun Dec 20, 2020 2:33 pm

Re: What are you paying for umbrella insurance?

Post by Jeepergeo »

The policy amount, state of issue, annual cost, and # of mature adult and # of 25 yo or under drivers would help with the context.
jerrysmith
Posts: 47
Joined: Sat Feb 16, 2019 2:20 pm

Re: What are you paying for umbrella insurance?

Post by jerrysmith »

Just under 160/yr 1m.
House, no pool.
2 adults 2 kids, not driving yet.
2 inexpensive cars if that matters.
Birmingham, AL.
State Farm for everything.
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semperlux
Posts: 430
Joined: Tue Jan 22, 2008 6:46 pm
Location: Ca

Re: What are you paying for umbrella insurance?

Post by semperlux »

Doing research to increase my umbrella. Got quotes from State Farm:

2 adults <65, 1 young nondriving child, 2 cars, 1 house, CA, no boat, no pool, no pet

2mil $520 ($260/mil)
3mil 760 ($253/mil)
4mil 940 ($235/mil)
5mil 1100 ($220/mil)
penumbra
Posts: 320
Joined: Thu Mar 29, 2007 2:42 am

Re: What are you paying for umbrella insurance?

Post by penumbra »

Recent renewal USAA:

2 adults >65, no kids, boats, or pool. 2 cars, HCOL southern CA. $5 million, $780.
bradinsky
Posts: 328
Joined: Sat Jul 21, 2018 6:32 am

Re: What are you paying for umbrella insurance?

Post by bradinsky »

DW & I are over 65 & retired. $2M @ $288 / year.
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RickBoglehead
Posts: 6641
Joined: Wed Feb 14, 2018 9:10 am
Location: In a house

Re: What are you paying for umbrella insurance?

Post by RickBoglehead »

Here's my compiled list that shows the value(?) of threads like this:

$1M - $90, $110, $119, $135, $153, $160, $199, $200, $215, $247, $255, $256, $267, $311, $323, $328, $450 (twice), $475, $625
$2M - $160, $198, $230, $288, $300, $422, $466, $520, $919
$3M - $315, $384, $500, $622, $626, $760
$4M - $777, $940
$5M - $380, $414, $464, $575, $700, $780, $933, $1,050, $1,100, $1,200
$10M - $1,028, $1,500, $2,100, $2,580
$20M - $2,376

Are AMICA people quoting post-dividend cost?
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