2024 Umbrella Policy costs

[pletal]

Our current coverage is State Farm $5M for $925.

That is really a good price, I have 3M with CinFin and it’s about $750

 

[Car-Guy]

I've decided to self insure on a lot of this "insurance" stuff. Just getting out of control.

The price of my umbrella policy kept creeping up and coverage was getting tighter as I looked into the details. I even switched insurance companies a few years ago to keep it in check. But I had enough. It's gone.

Also dropped coverage on my vehicles (except minimal liability which is required by law). And I "may" post a bond to stop paying for that too.

I was able to cut my home owners insurance by ~50% two years ago for equivalent coverage, so I'm keeping that "for now".

I even considered dropping Medicare Part B but I feel it's worth it as I get older, even if I have to pay IRMAA inflated prices occasionally.

 

[Samething]

$487 for $1M in Florida.

 

[Retired2016]

$1300 for 1 car, renters, $1m umbrella. The umbrella is $392.

 

[HI Bill]

$238/yr/M with GEICO, house with pool, 2 people, 2 cars in HI

 

[Singletrack]

Wow, premiums are all over the board.

We're paying $1,476 / year for $5M coverage through Chubb. We're in Colorado.

 

[GATime]

Where are you all getting these low rates from. Travelers wants $350 for a 1m policy plus require that I up my car and motorcycle coverage to 500/500k. That would add another $300+ to the cost.

 

[hgreeves62]

Dang! Am i paying too much?

2024 Umbrella policy costs remained the same this year after a couple of reductions after moving to new property in August 2020:
$1 million coverage - rural southern Indiana - 2 people, 2 cars, 1 house, 1 barn

$164 in 2020 renewal date 5/1 every year
$125 in 2021 renewal after moving to rural area
$104 in 2022
$76 in 2023
$76 in 2023 - no change

Paying about 800$ a year for 1 mill. Have 5 cars in my name with drivers 28,24 an d 21. I personally have 2 cars. This is with State Farm. Paying too much??

 

[HI Bill]

Paying about 800$ a year for 1 mill. Have 5 cars in my name with drivers 28,24 an d 21. I personally have 2 cars. This is with State Farm. Paying too much??

Probably not. Umbrella insurance is risk-based, and they seem to care about whether you have a swimming pool, trampoline, business on site, number of people at the house, ages, assets, etc. Each driver and vehicle, and other 'risky' asset such as trampolines up the odds that you'll have a claim and use the umbrella policy, which will cost them $.

 

[swakyaby]

$425 for $2M with USAA

One-story home with 3 cars and a travel trailer, in California. No swimming pool/spa, trampoline, in-house employees, motorcycles, teen drivers, pit bulls
. . .

 

[mathjak107]

so after seeing what we are paying in nyc for a 1 million dollar umbrella from geico i shopped for insurance yesterday .

we pay 700 for 1 million in liability

few insurance companies will insure my car a 2023 lexus rx500h , paid 80k.

i pay about 2300 a year for it in insurance with two drivers . been with geico over 50 years.

quotes for taking on a new insured ran 5-6k a year , so it was silly to go even further to work up the umbrella

 

[athena53]

Ours has crept up to $404 for $1M from State Farm. Maybe time to do some shopping...

Mine was $755 for $3 million, also with State Farm. One house, one car, nothing else presenting a major risk, KC suburb. I suppose I should shop next year but a had an at-fault fender-bender and a speeding ticket within a month of each other late last year after decades of a perfect record. I should have used Cruise Control on my drives to and from Des Moines 3 years ago when I got the car. I do now.

 

[Closet_Gamer]

We're paying $4200/year for $15M in coverage.

I know that's a lot but it also covers excess liability on an LLC we use to rent our beach house along with the usual umbrella topics and an LLC I have set up to provide consulting services.

I also am increasingly remembering the old quote that "You only have to get wealthy once. After that, the trick is to stay wealthy."

I figure anything over $15M is the financial equivalent of an aggressive cancer that comes out of nowhere. Somethings just can't be avoided.

 

[NameTaken2]

2 cars driven @12Kmi/yr total/combined.
18' boat on a quiet lake.
No claims/low risk policy holder.

2020: $439 for $2M coverage
2024: $427 for $1M coverage -same premium as for $2M in 2020!
Geico.
Earned "accident forgiveness" on cars -but Geico's rising premiums make that carrot less appetizing -will be shopping for a better deal on all policies.

 

[RetiredHappy]

Where are you all getting these low rates from. Travelers wants $350 for a 1m policy plus require that I up my car and motorcycle coverage to 500/500k. That would add another $300+ to the cost.

We have 1 car and 1 home ($1m value). Umbrella policy is only $247 for $2M with Travelers. The car has 500/$500K coverage.