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Old 01-14-2014, 08:16 AM   #61
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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.
Pets, teenage drivers, amount of liability on homeowner and auto insurance are factors.
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Old 01-14-2014, 08:19 AM   #62
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Pets, teenage drivers, amount of liability on homeowner and auto insurance are factors.
No kids, couple of dogs....will have to check auto. Seems like a huge diff in some reports. 2mm for $225? Going to have to run that past my agent (also my BIL)
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Old 01-14-2014, 08:27 AM   #63
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I'm paying $1088 for 4 million in coverage. We gave two rental properties and a three cars that drive up the cost for us. Not every policy is as comprehensive as others, so you need to read it closely to make sure exclusions won't leave you vulnerable.
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Old 01-14-2014, 08:51 AM   #64
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I can't say for sure but I thought they applied the umbrella coverage to the existing homeowner policy. That policy had to cover up to 300k I think...(don't hold me to it) in liability and the umbrella took it the rest of the way. We have Allstate homeowner and auto. We have 3 vehicles and two homes and no kids
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Old 01-14-2014, 08:52 AM   #65
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I can't say for sure but I thought they applied the umbrella coverage to the existing homeowner policy. That policy had to cover up to 300k I think...(don't hold me to it) in liability and the umbrella took it the rest of the way.
That's the way ours is structured.
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Old 01-14-2014, 08:56 AM   #66
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Some insurers bundle umbrella liability with auto, such as State Farm. Other bundle with homeowners, like USAA. Other policies may not be stackable, so the umbrella coverage is not additional. This would explain some of the differences in pricing.
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Old 01-14-2014, 09:05 AM   #67
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My USAA policy requires maintaining $300,000/$500,000 limits for the underlying policy, then the umbrella kicks in. The two rental properties add about $60 each to the cost of the policy based on my savings when I dropped coverage on a property I sold last year. We also dropped a car that saved us $36 off the umbrella policy.
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Old 01-14-2014, 09:29 AM   #68
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From BIL "However, should you decide you would like to increase the Umbrella we can increase your underlying liability on your auto's from 250/500 to 500/500 increasing the auto policy premium by $67 a year and you would receive a discount and decrease the $2M Umbrella by $117 to $746. That would save you about $40."

So mine must be tied to my auto polices.......................
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Old 01-14-2014, 09:52 AM   #69
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We just signed up for an umbrella policy. Didn't even know about it until we talked with a new insurance agent who happened to mention, "If your assets in retirement, property, etc. are higher than your home/auto insurance coverage, you should have an umbrella policy." We hesitated because of the cost and a real lack of documentation about how it works. So, we're very glad to hear that so many others on this forum have an umbrella policy. Thanks for sharing this info!
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Old 01-14-2014, 10:48 AM   #70
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Everytime I visit getting an umbrella policy I learn that no one will touch those with 6+ rentals.

So the "hide n'seek" game is a little different ( and much more costly): S corp for the inter-city properties, trust on the primary residence and a liability policy rider on each property.

Been sued plenty ... only one resulted in the liability kicking in .... suit was dropped. All others settled for rent/debt credit.
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Old 01-14-2014, 02:17 PM   #71
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I've been checking into an umbrella policy for the past year or so, and have put off pulling the trigger on the purchase. Quote is $413.00 for $2 million coverage. Thanks to the great information in this thread, I just got off the phone with my agent. Trigger pulled! Thanks to all.
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