Evaluate quote for Umbrella policy

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Topic Author
sunset
Posts: 20
Joined: Sun Nov 29, 2020 3:44 pm

Evaluate quote for Umbrella policy

Post by sunset »

Hello.

I received a quote of $456 for a premium for an Umbrella policy from Allstate. The coverage is as follows.

Excess Liability $2,000,000/$4,000,000 per occurrence/aggregate
Personal Injury $500,000/$1,000,000 per occurrence/aggregate

From perusing this website, I have a feeling that this is too high. Also, my understanding of umbrella policies is that there is a single coverage amount, rather than the 4 amounts listed above. I would like to stay with the same agency, since they handle all of my insurance, but the cost will make a difference to my decision.

Could you please comment on the following
1. Is the coverage listed above reasonable? Especially for personal injury?
2. Is the premium reasonable?
3. Does 'aggregte' refer to annual amount or lifetime amount?
4. Is it possible to negotiate premiums with insurance agents?

Edited for additional info:
DD turning 16 soon. DS turning 13 soon. No pool or pitbulls or any pets. Assets around $2M. Residence: NY

No boats, ATVs Snowmobiles etc. Only vehicles are two SUVs

No business, No domestic, and dont work from home.


Thank you in advance
sunset.
Last edited by sunset on Tue Sep 14, 2021 3:58 pm, edited 3 times in total.
daheld
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Joined: Wed Sep 13, 2017 8:14 am
Location: Midwest US

Re: Evaluate quote for Umbrella policy

Post by daheld »

We have a $1 million personal liability umbrella policy through our insurance carrier through which we also have auto and home insurance. Our last premium was $228.
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Svensk Anga
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Re: Evaluate quote for Umbrella policy

Post by Svensk Anga »

That’s cheaper than mine.

Check to see if the quoted policy includes uninsured/underinsured motorist coverage. This can be an expensive adder.

It seems cost varies quite a bit by state. Also at issue is whether you have some unusual risk factors like a pool, teenage drivers, a pit bull….
Topic Author
sunset
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Joined: Sun Nov 29, 2020 3:44 pm

Re: Evaluate quote for Umbrella policy

Post by sunset »

daheld wrote: Tue Sep 14, 2021 11:16 am We have a $1 million personal liability umbrella policy through our insurance carrier through which we also have auto and home insurance. Our last premium was $228.
Thank you for responding.

In my original post, the insurance agent refers to 4 items: Excess liability event, excess liability aggregate, personal injury event and personal injury aggregate. When you say $1 million which of the 4 do you refer to?
bradinsky
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Re: Evaluate quote for Umbrella policy

Post by bradinsky »

We are $281 for $2,000,000
drekce
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Joined: Sun Nov 12, 2017 6:41 pm

Re: Evaluate quote for Umbrella policy

Post by drekce »

That’s about what I paid for similar coverage, then my son turned 16 and it doubled.
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NavyIC3
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Re: Evaluate quote for Umbrella policy

Post by NavyIC3 »

I have a $5,0000,000 Personal liability Umbrella policy for $531/year. It includes $1,000,000 Uninsured/Underinsured Motorist. AARP Hartford.
retiringwhen
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Location: New Jersey, USA

Re: Evaluate quote for Umbrella policy

Post by retiringwhen »

How many toys do you own? Boats, snowmobiles, Sea-doos, motorcycles, and ATVs all raise rates.

Also, how many cars? Any young drivers? Bad Drivers?

Do you have a business, work from home, pay domestic help?

You really cannot ask if the quote is good without more context.
Topic Author
sunset
Posts: 20
Joined: Sun Nov 29, 2020 3:44 pm

Re: Evaluate quote for Umbrella policy

Post by sunset »

retiringwhen wrote: Tue Sep 14, 2021 2:33 pm How many toys do you own? Boats, snowmobiles, Sea-doos, motorcycles, and ATVs all raise rates.

Also, how many cars? Any young drivers? Bad Drivers?

Do you have a business, work from home, pay domestic help?

You really cannot ask if the quote is good without more context.
No toys at all. Own two SUVs. No business, no domestic help. Work from home occasionally.
DD turning 16 in a little; DS turning 13 in a little.
JohnWild
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Joined: Mon Aug 03, 2015 9:22 am

Re: Evaluate quote for Umbrella policy

Post by JohnWild »

For those of you stating what you are being charged for umbrella insurance, does your insurance include hypothetical uninsured motorist incidents?
daheld
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Joined: Wed Sep 13, 2017 8:14 am
Location: Midwest US

Re: Evaluate quote for Umbrella policy

Post by daheld »

sunset wrote: Tue Sep 14, 2021 11:44 am
daheld wrote: Tue Sep 14, 2021 11:16 am We have a $1 million personal liability umbrella policy through our insurance carrier through which we also have auto and home insurance. Our last premium was $228.
Thank you for responding.

In my original post, the insurance agent refers to 4 items: Excess liability event, excess liability aggregate, personal injury event and personal injury aggregate. When you say $1 million which of the 4 do you refer to?
I am not sure I understand the complexity of the product you were quoted. My understanding from my insurance provider is that our umbrella policy will cover any kind of personal injury or liability event that is either not covered by an existing homeowners or health insurance policy, or if the limits of those policies are reached.
SanAntionetta
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Re: Evaluate quote for Umbrella policy

Post by SanAntionetta »

To clarify the limits question...

excess liability is liability over that provided by your HO or Auto policies.

personal injury coverage responds to a list of enumerated offenses listed in the policy, such as libel, slander, false arrest, etc.

the per occurrence limit is the maximum the policy will pay per occurrence which is also sometimes called an "event". the aggregate limit is the maximum amount the policy would pay per year for that cover.
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