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Old 05-10-2016, 12:45 PM   #21
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Maybe I should do a poll... ... kidding.

BUT ours is $819 for 2 mil. Does that seem expensive to everyone else?
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Old 05-10-2016, 12:49 PM   #22
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Yes. We had teenage drivers, motorcycles, and many young people visiting our home. Is a bit expensive $600/yr but maybe it will go down once the kids are gone.
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Old 05-10-2016, 01:09 PM   #23
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Maybe I should do a poll... ... kidding.

BUT ours is $819 for 2 mil. Does that seem expensive to everyone else?
Ours is a little under that. But like everything related to insurance - I think geography matters. (States have different regulations.)
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Old 05-10-2016, 01:09 PM   #24
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I haven't checked for 8-9 years, but at that time it was not an option (even for me, with no claims and a perfect payment history) to start a new umbrella policy at any price with any insurer in New Orleans. My understanding was that this was due to the combination of hurricane losses and the general litigious atmosphere in New Orleans.

At this point I'm not inclined to check again; if they don't want my money then they can take their policy and shove it where... well, you get the idea.

In answer to the original question, I think an umbrella policy is a good idea for those who live in normal US locations instead of third world banana republics like New Orleans. Living here I think you either have to adopt the "laissez les bons temps rouler" philosophy, or move away because some things like this are so messed up.
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Old 05-10-2016, 01:50 PM   #25
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We have it now and will keep it post-retirement; although likely will drop the limits to 1 or 2 million given that most of our assets are in protected accounts.
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Old 05-10-2016, 01:56 PM   #26
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Yes for us too, $1 million.

I forget exactly what the premium is but it's just a little over $200/year.

And as others have noted if the insurance co. is potentially on the hook for $1 mil that is going to get a different level of attention from their lawyers than a $100k claim.
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Old 05-10-2016, 02:54 PM   #27
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We have it - <$400 a year. We had to use it too - a kook sued us (literally one of those who had $10) and the lawyers the insurance company retained were bulldogs. It was dismissed, with prejudice, toot sweet. It was such a strange case, I think I would have had trouble finding a regular trial lawyer to touch it. The coverage is well worth the piece of mind.
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Old 05-10-2016, 02:55 PM   #28
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I have gotten quotes for this from my agent several times but never pulled the trigger. Seems like lots of you have it. Or are we only getting responses from those who do?
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Old 05-10-2016, 03:16 PM   #29
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I have gotten quotes for this from my agent several times but never pulled the trigger. Seems like lots of you have it. Or are we only getting responses from those who do?
yes.

I am surprised that we don't have a few no's. Maybe a poll is needed!
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Old 05-10-2016, 03:25 PM   #30
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Yep, $1M costs just under $300. Used to be closer to $200 but went up with teenage drivers. That's on top of auto liability of 5ooK/1M and $500K homeowner liability. All with the same insurance company.
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Old 05-10-2016, 03:35 PM   #31
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Maybe I should do a poll... ... kidding.

BUT ours is $819 for 2 mil. Does that seem expensive to everyone else?
Jack,

Mine is also 2M for $890 a year, so more than you. I am in Southern California with 2 young drivers.
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Old 05-10-2016, 03:35 PM   #32
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Note that in figuring networth for this purpose consider what assets are exempt in your state from bankruptcy attachment. In particular 401ks and depending on the state IRAs and in some states your homestead. So you don't really need to include 401ks in the umbrella, since they are otherwise protected.
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Old 05-10-2016, 03:38 PM   #33
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Yes, $1M. Our cost is higher at about $500/yr, mainly due to a large primary house with pool, 2 rental houses, 5 cars, and 4 drivers - two of which are in their 20s. Then again, those are all the reasons we have it... plus a lot of non-retirement assets to protect.
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Old 05-10-2016, 05:11 PM   #34
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Our umbrella policy is for $1 million for a home and 2 vehicles. It's just under $200 a year, but if it included our motorcycle it would be an additional $100 a year.
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Old 05-10-2016, 05:14 PM   #35
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Yes we have a $1 million policy for $132/year. We also had to increase some liability limit on our homeowner and car policy, as well, so the effective cost is probably more like $200/year.
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Old 05-10-2016, 05:16 PM   #36
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We have it - <$400 a year. We had to use it too - a kook sued us (literally one of those who had $10) and the lawyers the insurance company retained were bulldogs. It was dismissed, with prejudice, toot sweet. It was such a strange case, I think I would have had trouble finding a regular trial lawyer to touch it. The coverage is well worth the piece of mind.
I would love to hear more from people who bought umbrella insurance and actually used it, and under what circumstances.
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Old 05-10-2016, 05:18 PM   #37
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Yes we have a $1 million policy for $132/year. We also had to increase some liability limit on our homeowner and car policy, as well, so the effective cost is probably more like $200/year.
$132/yr is the lowest I have seen anywhere. If you could share the name of your insurance carrier, maybe we all could benefit...
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Old 05-10-2016, 05:19 PM   #38
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Jack, It's more than mine but I'm bundled
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Old 05-10-2016, 05:21 PM   #39
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$132/yr is the lowest I have seen anywhere. If you could share the name of your insurance carrier, maybe we all could benefit...
State Farm. I'm sure we're getting some kind of multi-line discount because we have our car, home, and (the remnants of) life insurance policy with them. But the expense line for the umbrella policy is $132/year.
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Old 05-10-2016, 05:49 PM   #40
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Jack,

Mine is also 2M for $890 a year, so more than you. I am in Southern California with 2 young drivers.
Thanks, no young drivers but we have a place in FL with a pool. Appreciate it makes me feel better.

Some of what folks are paying seems incredibly low to me though....
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