Recommendations for Umbrella Insurance?

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Barefootgirl
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Recommendations for Umbrella Insurance?

Post by Barefootgirl »

Planning to shop for a policy. I have no idea what would be considered a fair price for a policy in 2021.

If you don't mind sharing - how much you pay, how much your coverage is and who your insurer is?

Thank you.
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Nowizard
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Re: Recommendations for Umbrella Insurance?

Post by Nowizard »

We have home, auto and umbrella with the same company. Umbrella kicks in when a claim goes beyond the other policies, so they probably impact the umbrella cost. We have relatively common home and auto policies and a 1M umbrella that cost $153 annually with the recent renewal.

Tim
tibbitts
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Re: Recommendations for Umbrella Insurance?

Post by tibbitts »

Barefootgirl wrote: Thu May 06, 2021 7:36 am Planning to shop for a policy. I have no idea what would be considered a fair price for a policy in 2021.

If you don't mind sharing - how much you pay, how much your coverage is and who your insurer is?

Thank you.
I don't think it will help to know at all, since we have these threads all the time and people report a wide variety of premiums. Before this year, I was commonly paying almost twice what some others were for the same coverage. Now I'm paying less what with the extraordinary rate increases that Bogleheads have been posting (along with a few much smaller increases of course.) So especially this year you might need to also ask how recently the policy was last renewed. It's really dependent on the risks you have and where you live, even without these surprising (to me) increases this year. It's like asking what would be a fair price for a homeowner or auto policy.

Also there is the factor of whether with some companies you may get a discount for having an umbrella with the same company as you have other insurance. I'm not sure but I believe some companies might consider an umbrella sufficient for an additional discount on other policies (as they would homeowner + auto for example) but probably at least some don't.
fabdog
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Re: Recommendations for Umbrella Insurance?

Post by fabdog »

and of course your individual circumstances also play a part... I am confident my policy that includes a 19 yo male driver is more expensive than if it was just my wife and I. So take the numbers that get posted with a grain of salt.

I have an independent agent shop my policies every 2 years, and compare that to Geico as well.

Mike
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gr7070
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Re: Recommendations for Umbrella Insurance?

Post by gr7070 »

My policy includes rental property within the umbrella, as well.

$410, $2M

Shop a few places and you'll know what's appropriate for your situation.
Last edited by gr7070 on Thu May 06, 2021 9:03 am, edited 1 time in total.
prd1982
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Re: Recommendations for Umbrella Insurance?

Post by prd1982 »

We live in CT, ages 74/69, with 2 boring SUVs and a home. No special hazards (e.g., swimming pool, high risk dog), and no prior claims. We just paid our 2021 premium of $753 for 1M of coverage. I'd be curious if other folks around our age in CT have similar costs.
runner3081
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Re: Recommendations for Umbrella Insurance?

Post by runner3081 »

1 Million on a stand alone policy (not bundled w/Home Auto)

Stillwater Insurance

$230 per year

No youth drivers, 2 cars and a pool in AZ.
Gill
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Re: Recommendations for Umbrella Insurance?

Post by Gill »

prd1982 wrote: Thu May 06, 2021 8:59 am We live in CT, ages 74/69, with 2 boring SUVs and a home. No special hazards (e.g., swimming pool, high risk dog), and no prior claims. We just paid our 2021 premium of $753 for 1M of coverage. I'd be curious if other folks around our age in CT have similar costs.
Similar to you in all respects except for a caged pool in SW Florida. Premium recently jumped from $670 for $3M to $1,111 with Geico. Not sure what I'll do. Hate to shop around because it usually means moving homeowners and auto as well.
Gill
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RickBoglehead
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Re: Recommendations for Umbrella Insurance?

Post by RickBoglehead »

As stated by many, you can't compare insurance costs. Different risks, different states, different insurance scores, different lifestyles...

Two residences, two cars, boat, no kids - net cost after annual dividend works out to $150 per $1 million of coverage. I expect a decrease this year with removal of one of the residences.
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slickracer
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Re: Recommendations for Umbrella Insurance?

Post by slickracer »

I pay $330 for 3M in PA
texasdiver
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Re: Recommendations for Umbrella Insurance?

Post by texasdiver »

Got mine through Costco. I have homeowners, auto, and umbrella all bundled with American Family which provides the Costco-branded insurance.

I think I'm paying $504/year for $2 million umbrella policy. I have two teenage drivers so that may be affecting the rates somewhat. This is for Washington State.

I did a tiny bit of comparison shopping then just went with Costco when all the rates looked pretty similar.
Loon11
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Re: Recommendations for Umbrella Insurance?

Post by Loon11 »

have just increased coverage from 1 M to 2 M and premium is $635 - own 2 rentals, secondary residence, primary and 4 cars, no young drivers or pool, etc. Geico said 3 M would be $924.
don't know where else to get a quote, doubt if much cheaper. was paying $385 for 1 m (they just increased it from $365- asked why and was told "you are another year older"
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tooluser
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Re: Recommendations for Umbrella Insurance?

Post by tooluser »

Make sure you consider the total cost of insurance, there may be a possible cost optimization. When I got my umbrella policy, raising the coverage limits on the auto insurance resulted in a lower overall premium for auto+umbrella.
VeryBlessedCali
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Re: Recommendations for Umbrella Insurance?

Post by VeryBlessedCali »

My Umbrella is Geico. $1,100 coverage 5M. Helps me sleep soundly at night.
slickracer
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Re: Recommendations for Umbrella Insurance?

Post by slickracer »

I have Erie for homeowners, auto & life. Added a 3MM umbrella policy for $338/year.
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LadyGeek
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Re: Recommendations for Umbrella Insurance?

Post by LadyGeek »

This thread is now in the Personal Finance (Not Investing) forum (insurance).

Bear in mind that premiums vary by state and the risk you present to the insurer. See: How Umbrella Insurance Works

As noted earlier, a general survey asking what members pay for their own location and risk profile may not answer the OP's question.
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Wricha
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Re: Recommendations for Umbrella Insurance?

Post by Wricha »

Barefootgirl wrote: Thu May 06, 2021 7:36 am Planning to shop for a policy. I have no idea what would be considered a fair price for a policy in 2021.

If you don't mind sharing - how much you pay, how much your coverage is and who your insurer is?

Thank you.
West coast of Fl, no children, USAA, $1300 for $5M. Not sure if it’s fair never really shopped it around.
pizzy
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Re: Recommendations for Umbrella Insurance?

Post by pizzy »

Barefootgirl wrote: Thu May 06, 2021 7:36 am Planning to shop for a policy. I have no idea what would be considered a fair price for a policy in 2021.

If you don't mind sharing - how much you pay, how much your coverage is and who your insurer is?

Thank you.
Home/Auto/Umbrella through Hanover. $2M coverage @ $454/year
MikeG62
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Re: Recommendations for Umbrella Insurance?

Post by MikeG62 »

$5 million policy at annual cost of ~ $800. It’s just my wife and I.
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snackdog
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Re: Recommendations for Umbrella Insurance?

Post by snackdog »

$5 million for $950/yr from USAA via RLI. Three homes (one full rental and one vacay rental), biting dog, etc. No kids or watercraft.
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