Premium for 2 million umbrella policy

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A440
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Premium for 2 million umbrella policy

Post by A440 »

I just upped my umbrella from 1 million to 2 million. 4 cars, 2 drivers under the age of 25. No boats, watercraft, aggressive dogs or trampolines. The premium is $490 with $300,000 underlying limit with homeowners and max $250,000/$500,000 auto liability.
Sound like the right amount for the premium?
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loghound
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Re: Premium for 2 million umbrella policy

Post by loghound »

That seems right... Maybe even a bit low....
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WalkingBackToHouston
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Re: Premium for 2 million umbrella policy

Post by WalkingBackToHouston »

sounds cheap to me. you aint in Florida are you? :)
Gubshu
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Re: Premium for 2 million umbrella policy

Post by Gubshu »

Sounds like it’s in the ballpark to me. We pay $378 for $2,000,000. Two 60-ish drivers, 3 cars, vacation home, one older outboard motor boat.
miket29
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Re: Premium for 2 million umbrella policy

Post by miket29 »

Premium sounds about right.

Does it include uninsured/underinsured coverage? Terrible events are rare so the coverage isn't too expensive, but there are people that are going to be seriously injured in car crashes with a driver carrying little or no insurance. If they can't work at their usual job for a while (or ever) this insurance can pay for the care they need and the lost income. I value this coverage more than the protection against my liability.
WalkingBackToHouston
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Re: Premium for 2 million umbrella policy

Post by WalkingBackToHouston »

miket29 wrote: Mon Jul 31, 2023 4:21 pm Premium sounds about right.

Does it include uninsured/underinsured coverage? Terrible events are rare so the coverage isn't too expensive, but there are people that are going to be seriously injured in car crashes with a driver carrying little or no insurance. If they can't work at their usual job for a while (or ever) this insurance can pay for the care they need and the lost income. I value this coverage more than the protection against my liability.
Ive often wondered about UIM personal injury claims. Are they usually "friendly" or does one usually lawyer up and sue their own insurance company?
BruDude
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Re: Premium for 2 million umbrella policy

Post by BruDude »

That’s cheap. I pay more for 3 cars and $1m.
TwstdSista
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Re: Premium for 2 million umbrella policy

Post by TwstdSista »

That's great! We pay $489 per year for $2M coverage.
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cchrissyy
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Re: Premium for 2 million umbrella policy

Post by cchrissyy »

actually that sounds low!
besides the factors you mention, it probably varies by state
60-20-20 us-intl-bond
barnaclebob
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Re: Premium for 2 million umbrella policy

Post by barnaclebob »

I think ours is somewhere around that give or take a couple hundred dollars.
barberakb
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Re: Premium for 2 million umbrella policy

Post by barberakb »

$500 for me so about the same
Wannaretireearly
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Re: Premium for 2 million umbrella policy

Post by Wannaretireearly »

I just went from $1M to $2M. Cost: $407. Paid today.

Just noticed it has this statement: excess uninsured/underinsured motorists coverage has been rejected.
Not sure what to make of that! :(
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vnatale
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Re: Premium for 2 million umbrella policy

Post by vnatale »

Mine is $165 for $1 million. One car. Nothing else.

I several times asked for a quote for $2 million, expecting it to be less than double the $1 million premium. But it has always been exactly double, which has never made sense to me given what I've seen for costs for business insurance coverages.

But after reading all of your responses seems like I should finally raise it to $2 million.
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camden
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Re: Premium for 2 million umbrella policy

Post by camden »

I have a 5 million umbrella. 2 older adults, no kids, 2 cars, no boats, no unusual risk factors other than being a deep pocket target.

Premium was 1,850.

Does the premium go up disproportionately as the coverage amount increases, or am I getting taken and need to shop around?
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vectorizer
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Re: Premium for 2 million umbrella policy

Post by vectorizer »

State Farm $2 mil. Was $460/yr with 3 drivers and 4 vehicles; one driver male 27 YO the other two over 60. Just dropped my son so now 2 drivers over 60, 3 vehicles; premium dropped to $340. I expected maybe a bigger drop based on no supporting data. :-)
Hiker-Biker
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Re: Premium for 2 million umbrella policy

Post by Hiker-Biker »

Erie 2 million, 2 cars and house. No kids. $140.
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vnatale
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Re: Premium for 2 million umbrella policy

Post by vnatale »

camden wrote: Mon Jul 31, 2023 6:36 pm I have a 5 million umbrella. 2 older adults, no kids, 2 cars, no boats, no unusual risk factors other than being a deep pocket target.

Premium was 1,850.

Does the premium go up disproportionately as the coverage amount increases, or am I getting taken and need to shop around?
Usually additional premiums cost less per $ million as you increase but as I stated above mine would be exactly proportional. But I'd certainly never expect an increasing premium per additional $ million of coverage.

I do get a discount on my auto / home / umbrella because they are all with the same company - Arbella.
Above provided by: Vinny, who always says: "I only regret that I have but one lap to give to my cats." AND "I'm a more-is-more person."
Sho
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Re: Premium for 2 million umbrella policy

Post by Sho »

Got a quote : 380, 2 adult drivers
1 million:240
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LittleGreenSoldiers
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Re: Premium for 2 million umbrella policy

Post by LittleGreenSoldiers »

WalkingBackToHouston wrote: Mon Jul 31, 2023 4:26 pm
miket29 wrote: Mon Jul 31, 2023 4:21 pm Premium sounds about right.

Does it include uninsured/underinsured coverage? Terrible events are rare so the coverage isn't too expensive, but there are people that are going to be seriously injured in car crashes with a driver carrying little or no insurance. If they can't work at their usual job for a while (or ever) this insurance can pay for the care they need and the lost income. I value this coverage more than the protection against my liability.
Ive often wondered about UIM personal injury claims. Are they usually "friendly" or does one usually lawyer up and sue their own insurance company?
If your umbrella will allow for additional UM get as much as you can. There is a surprising large number of uninsured/under-insured drivers(most likely they are more at risk too.
I would say under-insured is relative to who they injure. If you are the primary bread winner and someone's policy is $250K per individual wouldn't your family be much better off with $1M or more with a UM rider on your umbrella?
cubs1999
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Re: Premium for 2 million umbrella policy

Post by cubs1999 »

LittleGreenSoldiers wrote: Mon Jul 31, 2023 9:59 pm
WalkingBackToHouston wrote: Mon Jul 31, 2023 4:26 pm
miket29 wrote: Mon Jul 31, 2023 4:21 pm Premium sounds about right.

Does it include uninsured/underinsured coverage? Terrible events are rare so the coverage isn't too expensive, but there are people that are going to be seriously injured in car crashes with a driver carrying little or no insurance. If they can't work at their usual job for a while (or ever) this insurance can pay for the care they need and the lost income. I value this coverage more than the protection against my liability.
Ive often wondered about UIM personal injury claims. Are they usually "friendly" or does one usually lawyer up and sue their own insurance company?
If your umbrella will allow for additional UM get as much as you can. There is a surprising large number of uninsured/under-insured drivers(most likely they are more at risk too.
I would say under-insured is relative to who they injure. If you are the primary bread winner and someone's policy is $250K per individual wouldn't your family be much better off with $1M or more with a UM rider on your umbrella?
Yes, I would also always add the UM/UIM add on.
miket29
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Re: Premium for 2 million umbrella policy

Post by miket29 »

Wannaretireearly wrote: Mon Jul 31, 2023 6:13 pm Just noticed it has this statement: excess uninsured/underinsured motorists coverage has been rejected.
Not sure what to make of that! :(
Best to call your agent and ask. My guess is it could mean one of two opposite things: (1) they won't offer you the UM/UIM coverage (2) they're claiming you turned down an offer for the coverage
Wannaretireearly
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Re: Premium for 2 million umbrella policy

Post by Wannaretireearly »

miket29 wrote: Mon Jul 31, 2023 11:08 pm
Wannaretireearly wrote: Mon Jul 31, 2023 6:13 pm Just noticed it has this statement: excess uninsured/underinsured motorists coverage has been rejected.
Not sure what to make of that! :(
Best to call your agent and ask. My guess is it could mean one of two opposite things: (1) they won't offer you the UM/UIM coverage (2) they're claiming you turned down an offer for the coverage
Thanks Mike. Good call. I’ll check with the agent.
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mw1739
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Re: Premium for 2 million umbrella policy

Post by mw1739 »

Seems dirt cheap to me. Just paid $512 for my $1MM umbrella, with $1MM uninsured motorist add-on for 2 drivers in the Midwest.
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beyou
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Re: Premium for 2 million umbrella policy

Post by beyou »

camden wrote: Mon Jul 31, 2023 6:36 pm I have a 5 million umbrella. 2 older adults, no kids, 2 cars, no boats, no unusual risk factors other than being a deep pocket target.

Premium was 1,850.

Does the premium go up disproportionately as the coverage amount increases, or am I getting taken and need to shop around?
For $5M i pay $ 996
NYCaviator
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Re: Premium for 2 million umbrella policy

Post by NYCaviator »

Wannaretireearly wrote: Mon Jul 31, 2023 11:16 pm
miket29 wrote: Mon Jul 31, 2023 11:08 pm
Wannaretireearly wrote: Mon Jul 31, 2023 6:13 pm Just noticed it has this statement: excess uninsured/underinsured motorists coverage has been rejected.
Not sure what to make of that! :(
Best to call your agent and ask. My guess is it could mean one of two opposite things: (1) they won't offer you the UM/UIM coverage (2) they're claiming you turned down an offer for the coverage
Thanks Mike. Good call. I’ll check with the agent.
+1 Call your agent and add it on if you can. Underinsured motorist is some of the most important coverage you can have on your policy.
WalkingBackToHouston
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Re: Premium for 2 million umbrella policy

Post by WalkingBackToHouston »

LittleGreenSoldiers wrote: Mon Jul 31, 2023 9:59 pm
WalkingBackToHouston wrote: Mon Jul 31, 2023 4:26 pm
miket29 wrote: Mon Jul 31, 2023 4:21 pm Premium sounds about right.

Does it include uninsured/underinsured coverage? Terrible events are rare so the coverage isn't too expensive, but there are people that are going to be seriously injured in car crashes with a driver carrying little or no insurance. If they can't work at their usual job for a while (or ever) this insurance can pay for the care they need and the lost income. I value this coverage more than the protection against my liability.
Ive often wondered about UIM personal injury claims. Are they usually "friendly" or does one usually lawyer up and sue their own insurance company?
If your umbrella will allow for additional UM get as much as you can. There is a surprising large number of uninsured/under-insured drivers(most likely they are more at risk too.
I would say under-insured is relative to who they injure. If you are the primary bread winner and someone's policy is $250K per individual wouldn't your family be much better off with $1M or more with a UM rider on your umbrella?
I hear you. I have UIM underlying and umbrella. I was just wondering what UIM claims would look like. A friendly claim and quick payment (which would likely be the route I would pursue in any unfortunate events) or do people generally lawyer up and go through the whole PI lawyer's discovery, demands, potential trial, etc?
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Go Blue 99
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Re: Premium for 2 million umbrella policy

Post by Go Blue 99 »

We pay $508 for a $2m policy through Geico.
cubs1999
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Re: Premium for 2 million umbrella policy

Post by cubs1999 »

WalkingBackToHouston wrote: Tue Aug 01, 2023 8:59 am
LittleGreenSoldiers wrote: Mon Jul 31, 2023 9:59 pm
WalkingBackToHouston wrote: Mon Jul 31, 2023 4:26 pm
miket29 wrote: Mon Jul 31, 2023 4:21 pm Premium sounds about right.

Does it include uninsured/underinsured coverage? Terrible events are rare so the coverage isn't too expensive, but there are people that are going to be seriously injured in car crashes with a driver carrying little or no insurance. If they can't work at their usual job for a while (or ever) this insurance can pay for the care they need and the lost income. I value this coverage more than the protection against my liability.
Ive often wondered about UIM personal injury claims. Are they usually "friendly" or does one usually lawyer up and sue their own insurance company?
If your umbrella will allow for additional UM get as much as you can. There is a surprising large number of uninsured/under-insured drivers(most likely they are more at risk too.
I would say under-insured is relative to who they injure. If you are the primary bread winner and someone's policy is $250K per individual wouldn't your family be much better off with $1M or more with a UM rider on your umbrella?
I hear you. I have UIM underlying and umbrella. I was just wondering what UIM claims would look like. A friendly claim and quick payment (which would likely be the route I would pursue in any unfortunate events) or do people generally lawyer up and go through the whole PI lawyer's discovery, demands, potential trial, etc?
There aren't likely to be any anecdotal evidence here as umbrella claims in general are so rare since the amount to trigger it is so high.

I wouldn't want to take the amount they'd offer for a quick claim. Insurance companies usually try to lowball in their offers.

I've dealt with low claim UM/UIM for two different payouts for around $2k. For a small amount like that, it would be worth dealing with yourself and even that took months,.and their initial offers were for $1k.

For UM/UIM that is going to trigger after UM/UIM coverage on the underlying process, I'd imagine there is going to be a long process. I wouldn't view this as a reason not to get the coverage. I'd hope never to have to use this but I want the pool of $ in case I'm severely injured by an UM/UIM motorist or a hit a run (generally the terms I've read just say the hit and runner has to make some sort of contact with your vehicle ).
126inc
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Re: Premium for 2 million umbrella policy

Post by 126inc »

$355 for 2MM
FrugalConservative
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Re: Premium for 2 million umbrella policy

Post by FrugalConservative »

$325 3mm Two adult drivers
mmcmonster
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Re: Premium for 2 million umbrella policy

Post by mmcmonster »

$680 for me in NE Pennsylvania.

Similar to you, two young adult drivers < 25y/o, three cars ($250/500 coverage), house.

State Farm. Didn't shop for a better price.
mkc
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Re: Premium for 2 million umbrella policy

Post by mkc »

$140 for $2M
$210 for $2M with $1M UIM total
$280 for $2M with $2M UIM total

Erie Insurance (we also have homeowner's and auto with Erie)

2 adult drivers over 50
mander75
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Re: Premium for 2 million umbrella policy

Post by mander75 »

Does premium price for an umbrella policy go up as one get older and what are other factors that can influence the premium?
eugenem
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Re: Premium for 2 million umbrella policy

Post by eugenem »

mander75 wrote: Tue Aug 01, 2023 1:27 pm Does premium price for an umbrella policy go up as one get older and what are other factors that can influence the premium?
# of vehicles (auto & motorcycle)
total residences (primary, rental, seasonal)
# of recreational vehicles licensed for road use
# of misc vehicles not licensed for road use
watercraft
operators under age 25
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snackdog
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Re: Premium for 2 million umbrella policy

Post by snackdog »

mkc wrote: Tue Aug 01, 2023 1:17 pm $140 for $2M
$210 for $2M with $1M UIM total
$280 for $2M with $2M UIM total

Erie Insurance (we also have homeowner's and auto with Erie)

2 adult drivers over 50
I don’t think USAA even offers UIM umbrella. How does one get to a claim of damages that high via receipts, ie no legal or court judgment involved?
BH Consumer FAQ: | Car? Used Toyota, Lexus or Miata. | House? 20% down and 3x salary. | Vacation house? No. | Umbrella? $1 million. | Goods? Costco.
BernardShakey
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Re: Premium for 2 million umbrella policy

Post by BernardShakey »

beyou wrote: Tue Aug 01, 2023 6:48 am
camden wrote: Mon Jul 31, 2023 6:36 pm I have a 5 million umbrella. 2 older adults, no kids, 2 cars, no boats, no unusual risk factors other than being a deep pocket target.

Premium was 1,850.

Does the premium go up disproportionately as the coverage amount increases, or am I getting taken and need to shop around?
For $5M i pay $ 996
That's w/o additional UM coverage, right ?
An important key to investing is having a well-calibrated sense of your future regret.
BernardShakey
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Re: Premium for 2 million umbrella policy

Post by BernardShakey »

snackdog wrote: Tue Aug 01, 2023 2:39 pm
mkc wrote: Tue Aug 01, 2023 1:17 pm $140 for $2M
$210 for $2M with $1M UIM total
$280 for $2M with $2M UIM total

Erie Insurance (we also have homeowner's and auto with Erie)

2 adult drivers over 50
I don’t think USAA even offers UIM umbrella. How does one get to a claim of damages that high via receipts, ie no legal or court judgment involved?
How many vehicles and how many properties ?
An important key to investing is having a well-calibrated sense of your future regret.
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beyou
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Re: Premium for 2 million umbrella policy

Post by beyou »

BernardShakey wrote: Tue Aug 01, 2023 7:58 pm
beyou wrote: Tue Aug 01, 2023 6:48 am
camden wrote: Mon Jul 31, 2023 6:36 pm I have a 5 million umbrella. 2 older adults, no kids, 2 cars, no boats, no unusual risk factors other than being a deep pocket target.

Premium was 1,850.

Does the premium go up disproportionately as the coverage amount increases, or am I getting taken and need to shop around?
For $5M i pay $ 996
That's w/o additional UM coverage, right ?
Correct. Was not available from my carrier.
mkc
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Re: Premium for 2 million umbrella policy

Post by mkc »

BernardShakey wrote: Tue Aug 01, 2023 7:59 pm
snackdog wrote: Tue Aug 01, 2023 2:39 pm
mkc wrote: Tue Aug 01, 2023 1:17 pm $140 for $2M
$210 for $2M with $1M UIM total
$280 for $2M with $2M UIM total

Erie Insurance (we also have homeowner's and auto with Erie)

2 adult drivers over 50
I don’t think USAA even offers UIM umbrella. How does one get to a claim of damages that high via receipts, ie no legal or court judgment involved?
How many vehicles and how many properties ?
If a query for me, 2 passenger vehicles. 1 RV (motorhome coverage through Progressive, not Erie). 1 property (primary home)
TheLuckBox
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Re: Premium for 2 million umbrella policy

Post by TheLuckBox »

$675 for $1M for us. 2 cars, 1 primary home and 14 investment properties. I thought that was a steal. We do have very high liability amounts on all the underlying policies so maybe that had something to do with it.
rossington
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Re: Premium for 2 million umbrella policy

Post by rossington »

mkc wrote: Tue Aug 01, 2023 1:17 pm $140 for $2M
$210 for $2M with $1M UIM total
$280 for $2M with $2M UIM total

Erie Insurance (we also have homeowner's and auto with Erie)

2 adult drivers over 50
Can't get Erie coverage in FL.
**It would help to compare more accurately if people listed their states when posting their rates.**
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Enzian
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Re: Premium for 2 million umbrella policy

Post by Enzian »

rossington wrote: Wed Aug 02, 2023 2:07 am
mkc wrote: Tue Aug 01, 2023 1:17 pm $140 for $2M
$210 for $2M with $1M UIM total
$280 for $2M with $2M UIM total

Erie Insurance (we also have homeowner's and auto with Erie)

2 adult drivers over 50
Can't get Erie coverage in FL.
**It would help to compare more accurately if people listed their states when posting their rates.**
OP needs to identify state, too. Policies available and rates charged is pretty much up to each state’s insurance commissioner. Unless price info is coming from someone in same state as OP, it’s not relevant to OP’s question.
dcraider
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Re: Premium for 2 million umbrella policy

Post by dcraider »

We pay $342/year for $2 million in Pennsylvania from USAA. Home, 2 cars, children, with all requirements for increased loads on home/auto insurance.
Age 57. Household Income: $360K, Pension: $55K, Savings: $2.4M, SS for Me: $54K at 70, life time health benefits in retirement. No debt except for $360K house. A saver all my life.
novicemoney
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Re: Premium for 2 million umbrella policy

Post by novicemoney »

Got a quote for $255/yr for $2million(GEICO). We live in Hawaii. We currently pay $216 for $1 million. Just for comparisons sake the quote for $3 million is $516/yr.
guitarguy
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Re: Premium for 2 million umbrella policy

Post by guitarguy »

Really dumb question, but the premiums everyone is mentioning are annual right?

I’ve been thinking about umbrella since our NW has crossed $1m. :happy
khh
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Re: Premium for 2 million umbrella policy

Post by khh »

$490 for $2 million coverage.
tunafish
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Re: Premium for 2 million umbrella policy

Post by tunafish »

$436 for 5 mil. The auto and homeowners is with the same company and I am too lazy to look up what that underlying coverage amount is. One older adult one house two vacant lots one car. RI. UM/UIM is mandatory in RI.
Last edited by tunafish on Thu Aug 03, 2023 1:52 pm, edited 1 time in total.
TheDogFather
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Re: Premium for 2 million umbrella policy

Post by TheDogFather »

Two cars, no kids, no boats. VA

$3M for $440. Umbrella is with the same company that insures the cars and home. They don’t offer UM/UIM in VA.
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tadamsmar
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Re: Premium for 2 million umbrella policy

Post by tadamsmar »

guitarguy wrote: Thu Aug 03, 2023 7:55 am Really dumb question, but the premiums everyone is mentioning are annual right?

I’ve been thinking about umbrella since our NW has crossed $1m. :happy
It is annual.

I found that just filling out the application form helped me identify a liability that I could eliminate.

And, just having the minimum amount apparently triggered some automated liability monitoring where they identified my actions that increased my liability, like countersigning on a car loan or home loan for my adult kids. I did not know that these actions would increase my liabilty.

My umbrella insurance is from RLI.
FBM
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Re: Premium for 2 million umbrella policy

Post by FBM »

$696 for 2M for 1 car, 1 house in Chicago from Geico. My rate has more than doubled over the last 4 years and can't find better.

Related thread here: viewtopic.php?t=322179
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