Car-Guy
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Move to Texas (not). Mine is less than $200 a year here.
Umbrella Insurance
- Thread starter stlguy57
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Move to Texas (not). Mine is less than $200 a year here.
travelover
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You may have risk factors like a swimming pool, teen drivers, trampoline, boats, serving on a board...etc
ziggy29
Moderator Emeritus
Ours is with USAA, $267 for $2 million. I increased it last year, and going from $1M to $2M only cost an extra $80 per year which made it an easy decision.
capjak
Full time employment: Posting here.
Only a 23 YO driver with 2 accidents in 12 months and lives in the city. I suspect this may be the reason.
REWahoo
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Yep.
stlguy57
Recycles dryer sheets
Currently I pay $307.00 for 2M and will be increased to $409.00 per year for 3M. Seems like a pretty good deal for less than $10.00/month increase. May be worth it.
jonat
Recycles dryer sheets
My $2M policy is $294 with Amica - I am in NH, and no young'uns in the house. It does require certain minimum liability values on the auto and home policies.
Carpediem
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Do any of you who have an umbrella policy also own rental properties? We own two vacation properties and if I recall, the company I was talking to either wouldn't/couldn't write a policy or the cost was too great.
LRDave
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We own a 2nd home and Allstate was not very interested in my business if we rented the other one out (vacation or long-term). I was already in the risky pool with two young men of dubious driving records on the policy.
ncbill
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$500 for $2 million, and that's after being forced to raise auto to $500K/$500K.
Time to talk to GEICO for auto/umbrella...
Time to talk to GEICO for auto/umbrella...
Yup, my $2 million policy went from $275 to $900 when I added my 16yo DS to our auto policy. I had to drop back down to $1million just to get it back down to $500. He's 19yo now, so maybe it will get better. I'll be rich once my last kid is off the payroll!
We're paying $1100 for either 2 or 3 million. It went down significantly when my 24 year old son went out on his own.
We have one left that we are paying for and once she is on her own I expect our umbrella to go down again-plus she'll be on her own for car insurance.
We have one left that we are paying for and once she is on her own I expect our umbrella to go down again-plus she'll be on her own for car insurance.
Rambler
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Same here but I think we pay about a thousand, in NorCal.
athena53
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Be careful on the board memberships. I served a couple of terms on the Board of my professional society and they told me that any liability arising out of my Board membership was not covered. It may be because it was employment- related, but now I have to check on whether my HOA Board membership is covered. Should be easy- my agent is the head of the HOA Board!
ncbill
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Went to a meeting for HOA board members at the local library to hear from an attorney specializing in HOA issues.
Was shocked to hear how few of the HOAs represented there carried D&O insurance.
Was shocked to hear how few of the HOAs represented there carried D&O insurance.
Surprising. I'm on my HOA Board but wouldn't be willing to serve without D&O coverage. I suppose smaller HOA's with less sophistication and funding may not feel it's a worthwhile use of cash.
Dang. I'm always the black sheep! We looked into this several yrs ago thinking we might need it also but had a hard time seeing benefits of umbrella policy after really researching it. We've ALWAYS been bare minimum on ALL insurances, so was reluctant anyways. DW and I recently had this discussion. DW stated that working for attorneys firm in past yrs, many of the wealthy had very large ins policies for just about everything even though they had enough should the unforeseen happen. I disagreed with this completely. Many of the extremely wealthy are self insured for everything. A week or so ago was listening to Dave Ramsey. He was asked this question on ins policies. He endorses ins policies for those without $ but does NOT endorse anything other than bare bone policies for those that have a sizeable amount $. We don't have great radio reception so my choices are DR, Politics or head bangin music. DR wins out about half the time.
Just received my renewal from Chubb.
For a 10MM umbrella policy which covers 4 homes and 5 vehicles (one a collector car) and a small boat I pay $2,248.00. I receive a $300.00 credit for having $500,000.00 underlying coverage on the vehicles. Also have a pilots license but do not own a plane.
If you have a high net worth, I am not of the opinion that you need to have the umbrella limits cover all of your assets. However, the incremental cost of increasing the umbrella is relatively small.
Just my opinion, but if your budget allows and your assets are below 5MM, I would have the umbrella approach that amount. I have a familiarity with jury awards (because of my profession) and if you live in an area with high earning individuals, a serious injury caused by an accident close to home (where most occur) could exceed 2-3MM. Such a recovery is less likely for example if you live in an area with a high concentration of seniors, but anything can happen.
I also have a 19 and 23 year old on my auto policy and the above helps me sleep. As an aside, I also have been light on other aspects of insurance and only have coverage for larger risk exposures. By way of example never had a disability policy, keep a $25,000 deductible on my homeowners policies and only bought term life insurance when I was younger. But, again in my opinion, the cost of an umbrella policy is small compared to the risk. So I respectfully disagree with Dave Ramsey. I see no reason to put my assets at risk (i.e. self-insure) when the cost of insurance is relatively small. I would be willing to bet Dave Ramsey has an umbrella policy.
For a 10MM umbrella policy which covers 4 homes and 5 vehicles (one a collector car) and a small boat I pay $2,248.00. I receive a $300.00 credit for having $500,000.00 underlying coverage on the vehicles. Also have a pilots license but do not own a plane.
If you have a high net worth, I am not of the opinion that you need to have the umbrella limits cover all of your assets. However, the incremental cost of increasing the umbrella is relatively small.
Just my opinion, but if your budget allows and your assets are below 5MM, I would have the umbrella approach that amount. I have a familiarity with jury awards (because of my profession) and if you live in an area with high earning individuals, a serious injury caused by an accident close to home (where most occur) could exceed 2-3MM. Such a recovery is less likely for example if you live in an area with a high concentration of seniors, but anything can happen.
I also have a 19 and 23 year old on my auto policy and the above helps me sleep. As an aside, I also have been light on other aspects of insurance and only have coverage for larger risk exposures. By way of example never had a disability policy, keep a $25,000 deductible on my homeowners policies and only bought term life insurance when I was younger. But, again in my opinion, the cost of an umbrella policy is small compared to the risk. So I respectfully disagree with Dave Ramsey. I see no reason to put my assets at risk (i.e. self-insure) when the cost of insurance is relatively small. I would be willing to bet Dave Ramsey has an umbrella policy.
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athena53
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I'm too risk-averse for that. Certainly I carry high deductibles on Homeowners and Auto (and have dropped Collision and Comp. coverage on old cars) and, like most people who bought health insurance from the Exchange, have a high health insurance deductible. Those losses are capped, though. I know what t would cost to blow through the deductible. I find it hard to believe, though, that if I slam into a car full of people and have $25K per person/$50K per accident liability limits and their new SUV is totalled, they'll meekly accept my policy limits and not go after my other assets. I have an excellent driving record but Stuff Happens.
Hyper - I guess it depends on your liability tolerance. Even if I have a few mill net worth, I'd rather pay 1k/yr for 40 years than search for and find an attorney, pay him 70k, and still risk liability if we loose the case.
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