Huge umbrella insurance increase?

slalom · Post by **slalom** » Thu Oct 10, 2024 1:34 am

I use RLI (Geico-affiliated) for my Umbrella insurance.

My renewal just came up and the premium was 50% higher than last year for the same coverage and no responses different to renewal questions, and no claims/etc.

Is this related to the general homeowners insurance increase factors or has anybody else had this happen too?

I'm in Northern California.

Lisbon2022 · Post by **Lisbon2022** » Thu Oct 10, 2024 4:10 am

According to the insurance broker I use the huge increases are a result of fires and crime/robberies in urban areas.

Property insurance rose 73-90% this year after a 2023 70% increase. In the past twenty plus years no claims.

Since 2019 property insurance rose 500% in central California.

lthenderson · Post by **lthenderson** » Thu Oct 10, 2024 5:59 am

slalom wrote: Thu Oct 10, 2024 1:34 am has anybody else had this happen too?

I'm in Northern California.

No

Midwest

ResearchMed · Post by **ResearchMed** » Thu Oct 10, 2024 6:10 am

lthenderson wrote: Thu Oct 10, 2024 5:59 am
slalom wrote: Thu Oct 10, 2024 1:34 am has anybody else had this happen too?

I'm in Northern California.
No

Midwest

NO one else has had this happen?

RM

runner3081 · Post by **runner3081** » Thu Oct 10, 2024 6:26 am

Has gone up once in 10 years when they, Stillwater, added a $30 policy fee a few years ago.

JPH · Post by **JPH** » Thu Oct 10, 2024 6:33 am

43% increase in Texas.

techbud · Post by **techbud** » Thu Oct 10, 2024 8:09 am

Huge increase in South Florida

Dude2 · Post by **Dude2** » Thu Oct 10, 2024 8:27 am

Yes, there are numerous posts about this happening in FL, and it happened to me with GEICO. I was motivated to cancel my Umbrella. Then about six months passed, and I regretted it. I called them back, and the quote I got was similar to what I would have expected before they tried to surge my premium. It was a no-brainer at the time to renew the policy, but I know it's just going to happen again in the next billing cycle (which is six months). You really can't win.

Nevertheless, I rationalize the costs as protecting my assets that are not shielded from creditors in retirement accounts. In other words, so what if they raise it to say, $1500 a year for $1MM policy. (What used to be only a couple hundred bucks). That's still peace of mind that prevents me from having to do stupid stuff with my assets to try to shield them from frivolous lawsuits, i.e. somebody rear-ending me and claiming I did something wrong, suing me for big bucks. They say most things are automotive related. Either that or I have to defend myself from some attack only to be sued for causing physical damage to somebody. Etc. Etc. You can't win. I think the issue comes down to economic disparity, and FL is a big example of this. Some only see dollar signs/payday, looking to bait you into some trap. Even good deeds can be punished.

mike2026 · Post by **mike2026** » Thu Oct 10, 2024 12:05 pm

Happened to us early this year, State Farm, Northern California.

Joybeejoy · Post by **Joybeejoy** » Thu Oct 10, 2024 12:13 pm

5% increase in Pennsylvania.

lthenderson · Post by **lthenderson** » Thu Oct 10, 2024 1:38 pm

ResearchMed wrote: Thu Oct 10, 2024 6:10 am
lthenderson wrote: Thu Oct 10, 2024 5:59 am

No

Midwest

NO one else has had this happen?

RM

Sorry for not being specific. Mine hasn't gone up by 50%. It is more along the lines of a few percentage points.

Civilengr · Post by **Civilengr** » Thu Oct 10, 2024 1:46 pm

Similar RLI increase for me as well. Just received it this week. I'm located in the Sacramento area.

Pete3 · Post by **Pete3** » Thu Oct 10, 2024 2:59 pm

Lisbon2022 wrote: Thu Oct 10, 2024 4:10 am According to the insurance broker I use the huge increases are a result of fires and crime/robberies in urban areas.

Property insurance rose 73-90% this year after a 2023 70% increase. In the past twenty plus years no claims.

Since 2019 property insurance rose 500% in central California.

Why would an increase in fires/crime have anything to do with umbrella insurance premiums going up?

You seem to be answer a question different from what OP asked.

exodusNH · Post by **exodusNH** » Thu Oct 10, 2024 3:04 pm

slalom wrote: Thu Oct 10, 2024 1:34 am I use RLI (Geico-affiliated) for my Umbrella insurance.

My renewal just came up and the premium was 50% higher than last year for the same coverage and no responses different to renewal questions, and no claims/etc.

Is this related to the general homeowners insurance increase factors or has anybody else had this happen too?

I'm in Northern California.

How old are you? Most umbrella claims are a result of automobile accidents. When you cross a magic threshold, you can see the rate skyrocket since older drivers are statistically more dangerous.

Do you have a new driver living at your house or anyone under 30?

LeftCoast · Post by **LeftCoast** » Thu Oct 10, 2024 3:09 pm

Here in So Cal, my $1MM umbrella has gone from $303 in 2020 to $510 in 2024.

Still, I'm thinking of increasing my umbrella coverage from $1MM to $2MM. One reason is that my net worth has increased. Another reason is that every time I turn on the TV, I see ads from personal injury attorneys who say that if you have been in an auto accident, you can sue the other person and become a millionaire.

Big Dog · Post by **Big Dog** » Thu Oct 10, 2024 3:21 pm

slalom wrote: Thu Oct 10, 2024 1:34 am I use RLI (Geico-affiliated) for my Umbrella insurance.

My renewal just came up and the premium was 50% higher than last year for the same coverage and no responses different to renewal questions, and no claims/etc.

Is this related to the general homeowners insurance increase factors or has anybody else had this happen too?

I'm in Northern California.

in SoCal and my increase with USAA was ~45%.

VanguardInvestor1972 · Thu Oct 10, 2024 6:59 pm

Looked up the recent cost of premium growth for $5 mm umbrella with Pure (they have been excellent) to add to the thread:

2021: $749
2022: $840
2023: $1,349
2024: $2,143

Other factors:
- Added two inexperienced drivers over those years.
- Midwest.

Bottom line:
Not cheap and going up but definitely worth the sleep-at-night benefits .

Jeepergeo · Post by **Jeepergeo** » Thu Oct 10, 2024 7:10 pm

VanguardInvestor1972 wrote: Thu Oct 10, 2024 6:59 pm Looked up the recent cost of premium growth for $5 mm umbrella with Pure (they have been excellent) to add to the thread:

2021: $749
2022: $840
2023: $1,349
2024: $2,143

Other factors:
- Added two inexperienced drivers over those years.
- Midwest.

Bottom line:
Not cheap and going up but definitely worth the sleep-at-night benefits .

What is the basis of the excellent rating? Besides them promptly accepting premium payments, have you made claims where they were excellent?

VanguardInvestor1972 · Thu Oct 10, 2024 7:14 pm

Jeepergeo wrote: Thu Oct 10, 2024 7:10 pm
VanguardInvestor1972 wrote: Thu Oct 10, 2024 6:59 pm Looked up the recent cost of premium growth for $5 mm umbrella with Pure (they have been excellent) to add to the thread:

2021: $749
2022: $840
2023: $1,349
2024: $2,143

Other factors:
- Added two inexperienced drivers over those years.
- Midwest.

Bottom line:
Not cheap and going up but definitely worth the sleep-at-night benefits .
What is the basis of the excellent rating? Besides them promptly accepting premium payments, have you made claims where they were excellent?

Yes -- we have been with them for a decade or so and the couple of claims have been well and supportively handled overall. We have shopped the policies around to their competitors and they have repeatedly come out better.

Jeepergeo · Post by **Jeepergeo** » Thu Oct 10, 2024 7:22 pm

VanguardInvestor1972 wrote: Thu Oct 10, 2024 7:14 pm
Jeepergeo wrote: Thu Oct 10, 2024 7:10 pm

What is the basis of the excellent rating? Besides them promptly accepting premium payments, have you made claims where they were excellent?
Yes -- we have been with them for a decade or so and the couple of claims have been well and supportively handled overall. We have shopped the policies around to their competitors and they have repeatedly come out better.

You've had a couple of claims in ten years that made it to the umbrella level?

test123 · Post by **test123** » Thu Oct 10, 2024 7:49 pm

Probably not super relevant, but just yesterday I received a $390 quote from progressive (where we have home and auto) for a new $1.0M umbrella. I thought it was reasonable and am going to accept it.

We’re in Midwest and are plain vanilla for risks, no: youthful drivers, pool, home business, vacant land, aggressive dog or a boat, etc.

I just recently shopped our home and auto policies after our previous homeowners jumped 27% (following 20% bump the previous renewal). The affiliated auto policy has been going up steadily as well . It was easy to shop and in the end progressive and their affiliated homeowners company were almost 40% less for apples:apples coverage.

Painless to get pricing on the phone. You get docs emailed immediately and they take credit cards. I wish I would have done this last year. And I will defiantly do it again if future renewal rates for any of my polices (including my new umbrella) are excessive.

feh · Post by **feh** » Fri Oct 11, 2024 4:57 am

Our RLI premium increased 12% from '23 to '24.

Carl53 · Post by **Carl53** » Fri Oct 11, 2024 5:51 am

20% increase on $2m umbrella this year in midwest after no increase last year. Now $437. Auto only went up 1.5% but house insurance jumped nearly 16%.

goingup · Post by **goingup** » Fri Oct 11, 2024 11:57 am

No increase in umbrella (USAA-Garrison Property) in 1m umbrella. Same since 2021. $178. Central coast CA.

Surfcaster · Post by **Surfcaster** » Fri Oct 11, 2024 12:21 pm

In SE, about a 50% increase with RLI. Around $1,300 ffor 2MM. This is year 2.

MedSaver · Post by **MedSaver** » Fri Oct 11, 2024 1:42 pm

I have Geico in NorCal. Premium went from $600 to $900 in 2023 for $3MM coverage. Stable this year.

Teague · Post by **Teague** » Fri Oct 11, 2024 1:51 pm

More than doubled, NorCal. Much of this because kid started driving, $450 "youthful operator" surcharge.

exg1010 · Post by **exg1010** » Fri Oct 11, 2024 1:55 pm

No increase in past two years in GA

Blueskies123 · Post by **Blueskies123** » Fri Oct 11, 2024 1:59 pm

techbud wrote: Thu Oct 10, 2024 8:09 am Huge increase in South Florida

same here

TomWambsgans · Post by **TomWambsgans** » Fri Oct 11, 2024 2:00 pm

My umbrella premium (State Farm) went up by something like 60+%. I live in the SF Bay Area. No major changes that would account for this (e.g. teenage driver, etc.).

Rob5TCP · Post by **Rob5TCP** » Fri Oct 11, 2024 2:46 pm

I have GEICO in NYC. My rates on the umbrella stayed the same for years:

2010-2015 $345.00 2 million, renter's insurance, car, and rental property
2016 386
2017 421
2018 497
2019 497
2020 460 (got rid of car early in the pandemic)
2021 493
2022 455 (sold rental property)
2023 546
2024 622

In 2 years 37% increase. For the most part, prior increases were relatively mild. 2017/2018 probably made up for no increases for the prior 6 years.

jarjarM · Post by **jarjarM** » Fri Oct 11, 2024 2:56 pm

Also in north Cal, premium actually went down by 5% after a moderate increase the previous year. Mercury

jlgrandam · Post by **jlgrandam** » Fri Oct 11, 2024 3:17 pm

Yes, my $1M umbrella with Statefarm went up 64% this year in NorCal! I was expecting a larger increase in home insurance but was taken off guard by this large increase for the umbrella, as that had been really cheap and stable for years prior.

slalom · Post by **slalom** » Fri Oct 11, 2024 4:25 pm

jlgrandam wrote: Fri Oct 11, 2024 3:17 pm Yes, my $1M umbrella with Statefarm went up 64% this year in NorCal! I was expecting a larger increase in home insurance but was taken off guard by this large increase for the umbrella, as that had been really cheap and stable for years prior.

That was my surprise too. My homeowners just re-upped and the increase was pretty minor, I was expecting huge. Only the umbrella increased hugely.

Someone asked - I am mid-40s, single but living with S.O., no children, no accidents.

wwhan · Post by **wwhan** » Fri Oct 11, 2024 4:49 pm

In Northern CA, my RLI umbrella insurance premium jumped up 59% from 2024 to 2025, no claims or changes.

Gnirk · Post by **Gnirk** » Fri Oct 11, 2024 6:03 pm

Our umbrella policy nearly doubled this year. Perhaps because we are 80/85 yo? Our home insurance increased by 65% this year, after a 40% increase last year. Car insurance has also increased dramatically. We are not in an area that would have wildfire or flood issues. UGH!

VanguardInvestor1972 · Sat Oct 12, 2024 11:25 am

Jeepergeo wrote: Thu Oct 10, 2024 7:22 pm
VanguardInvestor1972 wrote: Thu Oct 10, 2024 7:14 pm

Yes -- we have been with them for a decade or so and the couple of claims have been well and supportively handled overall. We have shopped the policies around to their competitors and they have repeatedly come out better.
You've had a couple of claims in ten years that made it to the umbrella level?

No, sorry not to be clear--the claims were small. Nothing has reached the umbrella level. I was merely complimenting their service level in general, not specific to the umbrella policy. I am hoping never to need that to kick in!!!

feedMe · Post by **feedMe** » Sat Mar 08, 2025 8:20 pm

Older thread, but ....

Our umbrella policy (Mercury, No. CA) went up 16% in 2024, and 75% this year. My DW became 70 just before policy renewal. If that's responsible for the large jump, then that means when I turn 70 in a few years, it will go up another 75% or more?

Mayacallie · Post by **Mayacallie** » Sat Mar 08, 2025 8:24 pm

5 million policy in Colorado went from $950 to $1450 this year

exodusNH · Post by **exodusNH** » Sun Mar 09, 2025 12:39 am

Mayacallie wrote: Sat Mar 08, 2025 8:24 pm 5 million policy in Colorado went from $950 to $1450 this year

A neighbor of mine, whose a State Farm agent, said that the umbrella increases he's been seeing are auto related.

GratuitousScrubs · Post by **GratuitousScrubs** » Sun Mar 09, 2025 1:46 am

My RLI policy (SoCal) was stable, but they limited the amount of coverage due to teenage driver having an at fault accident last year (thankfully, nobody hurt).

stevewolfe · Post by **stevewolfe** » Mon Mar 10, 2025 11:57 am

Rural PA, Progressive, +41.28% increase this year. No claims, no changes in policy. Sigh.

WhyNotUs · Post by **WhyNotUs** » Mon Mar 10, 2025 1:20 pm

2024 $551
2025 $801

VanGar+Goyle · Post by **VanGar+Goyle** » Wed Mar 12, 2025 8:14 am

slalom wrote: Thu Oct 10, 2024 1:34 am I use RLI (Geico-affiliated) for my Umbrella insurance.

My renewal just came up and the premium was 50% higher than last year for the same coverage and no responses different to renewal questions, and no claims/etc.

I saw a recent quote for UI that asked if anyone was a televised paid sports athlete, which seemed oddly specific.
Check if your son or daughter is using Name Image or Likeness. I suppose that this might also apply to O.J., but that was many years ago

LikeNumbers · Post by **LikeNumbers** » Wed Mar 12, 2025 8:28 am

Ditto. State Farm Insurance just increased our umbrella policy by 70% (also no increase in policy amount) - the on-line bill stated "fire".
I should receive my mountain cabin insurance renewal in a couple weeks, hopefully the increase is not that much.

Indeed, this is starting to get expensive.

FBM · Post by **FBM** » Sat Mar 15, 2025 6:49 am

I dropped Geico a couple years ago when my 2M umbrella was raised to $700. Last year I switched auto and umbrella to State Farm where the umbrella was $400. This year they raised it to $500 so I moved to USAA for $350. Auto was higher so auto+umbrella was a wash but I also moved my homeowners and saved $400 overall.