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Old 12-31-2013, 08:19 AM   #41
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$1m umbrella over $1m home liability coverage and $500k auto liability coverage. Umbrella costs us $258/year. Peace of mind and the insurer's lawyers scraping for me if I need it for a little more than $20/month.

BTW, when we did ours we found it was less expensive to increase the base policy liability coverages to their maximums and go with a lower umbrella than keep our liability where it was and go with a bigger umbrella.
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Old 01-03-2014, 05:13 PM   #42
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Well I decided to get my agent to give me a quote on a $2 mil policy. Came in at $326, currently paying $175 for 1 mil. Cost another $150 for a $3 mil policy. Will think about it over the weekend, but will probably go ahead and bump it a one notch. The price seems in line to what people here are paying.

Funny how my parents never had much coverage over the years. I remember looking at my mom's auto policy a few years ago and seeing where she only had $100k worth of liability coverage. She was about 90 at the time and I talked her into giving up the car keys. She was starting to get a few unexplained scratches on the car so I had a good argument to get her to stop driving. She wasn't rich by any means, but she was no where near covered under her policy. She was lucky.
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Old 01-03-2014, 05:32 PM   #43
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Yep, I have one. Got it about 6 years ago when I first became aware of them. I consider it cheap insurance in this litigious day and age. I bought a pair of boots last month that cost more than my annual policy.
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Old 01-04-2014, 07:25 AM   #44
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I'm having a hard time getting anyone to sell me one. I have several rental properties and they are insured with different companies. The main agent I deal with insists I must first insure all of them with him, the other agent doesn't call me back. Another guy will do it for a fairly high price but there is also a huge amount of paperwork involved!
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Old 01-04-2014, 08:13 AM   #45
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$2m umbrella @$225 annually. Definately worth it
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Old 01-04-2014, 12:27 PM   #46
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This has been something on my list of things to look into this year, as I'm expecting a jump in assets, and want to protect myself.

Are umbrella policies sold through the same types of insurance agents that handle things like cars, homeowners, etc? Places like Allstate, State Farm, etc?

Or are there "special" insurance companies or agents you have to go to for umbrella policies?
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Old 01-04-2014, 12:33 PM   #47
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Are umbrella policies sold through the same types of insurance agents that handle things like cars, homeowners, etc? Places like Allstate, State Farm, etc?
Yes.

Normally the insurers will require you have your home and auto coverage through them at limits they specify before issuing umbrella coverage. As I understand it, the coverage in the umbrella policy is actually an extension of the liability coverage in your home and auto policies.
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Old 01-04-2014, 12:37 PM   #48
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I've been told to have coverage equal to your net worth.
We worked out a number, with the help of our attorney, based on our occupations, our home location, a few other factors that escape my mind at the moment and his knowledge of settlement amounts common at the time for people in our situation.
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Old 01-04-2014, 12:58 PM   #49
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We have $2M of umbrella liability coverage that we pay about $430 per annum for. From some of the other posts, it looks like our premiums might be on the high side, but this could be due to where we live or other underwriting factors.

Just as importantly, we have our personal residence in a trust and all of our material investment assets in LLCs domiciled in Nevis (Caribbean Islands), which has strong asset protection laws. Yes, this adds costs for LLC maintenance fees and tax return preparation, but it dramatically increases the sleep at night factor. All actual investment assets are held by Fidelity in the US, but they are under the umbrella protection of the Nevis LLCs.
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Old 01-04-2014, 01:16 PM   #50
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I'm having a hard time getting anyone to sell me one. I have several rental properties and they are insured with different companies. The main agent I deal with insists I must first insure all of them with him, the other agent doesn't call me back. Another guy will do it for a fairly high price but there is also a huge amount of paperwork involved!

We have a few rentals under our umbrella policy, all with the same carrier. That made it easy, a one signature page deal. I think i spent an hour on the entire issue, including writing a check to launch the policy.
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Old 01-12-2014, 07:12 PM   #51
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Yes very reasonable I think $200+ for 2 mil. We have a few rentals so this was originally for those but the coverage is expansive.
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Old 01-12-2014, 08:24 PM   #52
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We used to have large annual Xmas parties at the house, LOTS of drinking, so I'd get the umbrella policy just to protect against folks driving home. we tried to monitor our guests' driving, even making a couple of them spend the night, but you never can tell. Since we don't have the parties anymore, I've let the policy lapse. Thanks to all of your comments, think I'll price the renewal tomorrow.
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Old 01-12-2014, 09:00 PM   #53
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$2m umbrella @$225 annually. Definately worth it
Do you mind PMing me the company? I'm quoted $350 for $2 million umbrella.....
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Old 01-12-2014, 09:52 PM   #54
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Yes, we have a $1M one that we just took out in 08/13, after our DD and her family left our home. I decided to get one after reading an earlier thread on it and it sounded like a good idea. Definitely piece of mind.
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Old 01-13-2014, 05:08 AM   #55
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We have an add-on to the homeowner's policies that brings it up to $1m. Just checked the premium ...it's 150. per year if paid in full. Whether we'll ever use it and how much it will help us if we ever have to is unclear.
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Old 01-13-2014, 09:39 AM   #56
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Yes, definitely have one, for $2M, from my auto/home insurer, State Farm. Premiums went up quite a bit when my then teenage son starting driving (which makes sense). Also premiums went up when one member of the household got a DUI, which also makes sense (frankly I was thrilled that they didn't cancel the policy).

I have a friend (in her 60s) who blacked out at the wheel and her car drifted into the oncoming lane. She hit another car head on and the driver of the other car was unfortunately killed. They were sued and ended up paying $1.4M. Their insurance was only for $1M. And get this - her husband was a lawyer! (so it probably could have been financially worse). They had to pay the $400K out of pocket, which has been quite a blow to their retirement.
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Old 01-13-2014, 10:19 AM   #57
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Some state laws provide protection on some assets against creditors and lawsuits. In MA where we live our home is protected by a "Homestead exemption" up to 500K ($1M at 62 years of age) and our IRAs are also protected up to $1M.

We have a $1M umbrella policy at an annual cost of $220 to protect other assets.
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Old 01-13-2014, 01:47 PM   #58
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Yes, we took out an umbrella policy when our sons were teenagers and have continued on with it. $1M...wouldn't do without it out.
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Old 01-13-2014, 01:59 PM   #59
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We have $2M of umbrella liability coverage that we pay about $430 per annum for. From some of the other posts, it looks like our premiums might be on the high side, but this could be due to where we live or other underwriting factors.

Just as importantly, we have our personal residence in a trust and all of our material investment assets in LLCs domiciled in Nevis (Caribbean Islands), which has strong asset protection laws. Yes, this adds costs for LLC maintenance fees and tax return preparation, but it dramatically increases the sleep at night factor. All actual investment assets are held by Fidelity in the US, but they are under the umbrella protection of the Nevis LLCs.
To protect your home just move to Texas and any and all equity in your home is protected (Homestead laws). Also of course 401ks are protected in Bankruptcy.
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Old 01-14-2014, 08:13 AM   #60
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Hmm... My umbrella is only for $1M, and I am paying more than $500/yr. Something is wrong!
I just looked mine up last night. I am at 453 for 1mm. They want 780 for 2mm.

What are the factors that make some on here so cheap. It almost seems unbelievable (one way or the other)

BTW, we are with Farmers.
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