How Many Here Have Umbrella Liability Coverage?

[Nature Lover]

I carry $5 million; cost is ~$300, but there's also the cost to increase the liability limits to $500k on HO and Auto. I sized this not based on my assets...but on the likely size of any claim here in the Bay Area. In a HCOL area, with higher pay, lost wages claims are higher and health care claims are ridiculous. I used to be on the Board of a Risk Pool, and the amounts claimed in litigation were much higher than I would have expected. While I'm a good risk, I'm choosing to let the insurer deal with it if there are ever any claims. It'll be their money and they'll have professionals to deal with any claims.

The marginal cost of having the umbrella is worth it for me.

 

[FIREd]

Yes, we carry $5M for $284 a year. We are pretty low risk but it is worth having the umbrella coverage as people are pretty lawsuit-happy around here.

 

[Dtail]

I believe the bolded part is not correct. At least for my policy, the umbrella is additive. So in your example, there is a total of $1.4M liability coverage before you have to start liquidating your own assets to cover a judgment against you.

+1 for me too.

 

[Rianne]

If for anything else, I sleep better with our umbrella policy. My brother is our insurance agent and I trust his opinion on this. My DH got sued for barely bumping a pizza delivery guy, he had a small dent in his rear fender on his old car. DH speed was less than 5 mph as he was inching out into a turn lane. Allstate followed this guy around in all hours of the night. He claimed major neck and back injuries. They filmed him playing the drums in a band. Jumping in and out of a high pick up truck and various other activities. He was suing us personally and suing the insurance co. The judge threw the case out.

I don't know the result of this if he had won. I only know I felt at ease with the insurance, umbrella and car insurance.

 

[dvalley]

I believe the bolded part is not correct. At least for my policy, the umbrella is additive. So in your example, there is a total of $1.4M liability coverage before you have to start liquidating your own assets to cover a judgment against you.

+1 for me too.

I must've misunderstood, thanks for correcting me

 

[Golden sunsets]

We have $4MM at a cost of $633. $300 of that annual premium covers Uninsured Motorists/Underinsured Motorists at the higher $4MM level. This rider is a significant factor in both coverage and cost and either is/or is not included in your policy.

 

[Corporateburnout]

We have 2M in umbrella coverage plus 1M in excess UM/UIM. These limits are in excess of the underlying coverage of the auto and home policies limits. The umbrella insurance is for liability protection and the excess uninsured and under insured is for protection against motorists with no insurance or not enough insurance.


Our state fully protects 401K and rollover IRAs and our home is protected under the homestead exemption. The likelihood of a judgement against us is very small with our excellent driving records, no swimming pools and no dogs but it's a small price to pay for peace of mind.

 

[candrew]

No insurance of any kind, I'd be dead before a lawsuit came to trial in my country!

We've noticed in Latin America, that when it comes to personal liability "est vestrum erit flagitium" (it's yer own fault).

 

[Carol1862]

Yes, the amount of our NW. No children on our policies anymore

 

[Dash man]

Yes. We have $5M umbrella for about $950. We have two rentals and three cars. The umbrella is added to our homeowners/auto liability of $1M, for a total of $6M coverage.

 

[jabbahop]

Yes we have umbrella too

Ours is $5m and over $1k/year. The rationale from our agent is we have three under 25 male drivers and a Boat.

Once kids are on the own, should go down a bunch.

 

[MarieIG]

Yes.

 

[RobbieB]

My umbrella Co insisted that I max out all the MV and HO insurance before they would issue. That cost more than the umbrella which is cheap at $300 / 3 million

 

[6miths]

We don't have nearly so many lawyers in Canada so not many with 'umbrella' policies. Just liability policies associated with home and auto insurance policies.

 

[Doribe]

yes, 2M, about $260/yr

 

[hesperus]

Yes, for all assets, $10M.
I was an architect, and although my designs were well engineered, you can't be too careful

 

[easysurfer]

Yep. Hope to never use, but that's why it is called insurance .

 

[Ready]

We have $5M. We are in the process of moving our policy to Amica, which quoted us $429 for $5M coverage under their policy.

 

[wolf]

California. Was 1 million, $245. Just renewed. 2 million, $ 368. Have younger drivers on my auto policy. AAA.

 

[Dtail]

Anyone else from FLA have an umbrella policy? I am paying 600 yearly for 3 of us for 2M coverage with no one under 55 y.o.
I was told in general that FLA has the highest state rates due to many not having car insurance.
I use Liberty Mutual and their Renters/Car insurance was the lowest of the major players in FLA.

 

[45th Birthday]

Anyone else from FLA have an umbrella policy? I am paying 600 yearly for 3 of us for 2M coverage with no one under 55 y.o.
I was told in general that FLA has the highest state rates due to many not having car insurance.
I use Liberty Mutual and their Renters/Car insurance was the lowest of the major players in FLA.

Our umbrella coverage increased in cost a lot when we added a Florida property (as did auto coverage when we titled all vehicles there). We have $10 million, costs $1,844 per year. Two people (late 50s), three cars, two houses, one with pool.

 

[copyright1997reloaded]

$3M, costs a little over $500/year.

In my humble opinion $1M is not enough. Much too easy for the insurance company to not try hard enough when their cost is 'only' $1M and then end up with a judgement well in excess of that. I want them to be willing to invest a lot of time and effort in beating the claim.

Not even sure $3M is enough...

 

[MooreBonds]

Have $1M coverage for about $150 through Nationwide. ALso have auto and homeowner's policies through them. I would recommend you have them all under same insurer, if possible (and some insurers require that). Don't recall off the top of my head what our auto coverage is (but don't believe it's the max 250k/500k), but might look into raising umbrella to $2M and lowering auto liability, since umbrella is almost always cheaper than higher auto limits. This is for Missouri, 2 drivers (in 40s).

 

[Gunny]

I don't carry an umbrella policy as the bulk of my assets are in retirement accounts. My home, cars, and future pension income are protected by state law under my current circumstances.

 

[WestUniversity]

I actually just bought a $2MM umbrella policy...