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Old 03-27-2021, 08:36 AM   #21
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Opened a bill from GEICO to learn that our personal liability umbrella premium is $1,227, a 300% increase from last year.

While we weren't too surprised at a 25% jump in our homeowner's premium - those have gone up all over Florida - we are flabbergasted at seeing our liability cost increase like this. Cannot think of anything that could have brought it on. The only "risky" thing we own is a swimming pool.

Anyone else seeing a big jump in their umbrella bill?
I wouldn't use GEICO for umbrella coverage simply because of changes in coverage (dropping coverages) as this poster notes:

https://www.bogleheads.org/forum/viewtopic.php?t=331332
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Old 03-27-2021, 09:40 AM   #22
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We've been with GEICO for about 5 years now. I'll call Monday and see if I get anything beyond "Well, costs have been going up, all those big awards you know..." as if GEICO were paying out wrongful-death awards left and right.
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Old 03-27-2021, 10:10 AM   #23
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We've been with GEICO for about 5 years now. I'll call Monday and see if I get anything beyond "Well, costs have been going up, all those big awards you know..." as if GEICO were paying out wrongful-death awards left and right.
Went through the same thing with GEICO last renewal. Umbrella went up big time along with the car insurance (house with another company - best deal, go figure as we normally bundled them). Also contacted them, as the umbrella price increase was what I considered excessive (increase was +60%). They claimed pricing was inline with the market (don't expect us to do anything about our renewal pricing for you). Shopped around and brought car/house/umbrella for this year at just at or under last year's prices. Seems like we have to keep shopping around every year or so, as insurance companies only value prospects and not customers....

We get mail/emails from GEICO now asking us to come back, as we could save money.
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Old 03-27-2021, 10:27 AM   #24
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Asked about umbrella insurance back when we bought our home in mid 90's . seemed like not worth the $$ especially on a home that was built in 1943 that we bought for 77K. worth about 140 now . Our total net worth would be well below 500K which is the starting point for which umbrella policy is recommended.
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Old 03-27-2021, 10:35 AM   #25
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We have 1M umbrella w/Geico and our bill went up just over 100%. I called and person I spoke to said that prices were going up because of the wildfires.
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Old 03-27-2021, 10:50 AM   #26
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I'm on the Board of Directors for my Homeowners Association. Our property manager told us recently that insurance agents are telling property management companies to expect large increases in premiums when policies are renewed this year.

Didn't really explain why.
Ugh, I really hope we don’t see large increases again this year. In 2019 our insurance almost doubled and then went up again last year by about 10%.
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Old 03-27-2021, 10:53 AM   #27
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Our State Farm $2M policy is $178. We had Geico but when my daughter's then BF had a minor accident in her car (on our policy) their umbrella division kicked us off even thought the auto division didn't raise their rates. I dropped all Geico policies and consolidated at SF.
Got my renewal this week from State Farm. It stayed at $328 for $2M in coverage. Now I see why it didnt' go up.
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Old 03-27-2021, 11:13 AM   #28
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Our umbrella premiums (USAA) decreased 38% last August after we went from three vehicles to two. No change in premium when it renewed late in the year.
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Old 03-27-2021, 11:51 AM   #29
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Seems like we have to keep shopping around every year or so, as insurance companies only value prospects and not customers....
This is common. We've found that we have to change car insurance companies every 5-7 years.

Internet and cell phone companies seem to work the same way.
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Old 03-27-2021, 04:35 PM   #30
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USAA told me my Dad's WWII service didn't count! He was in uniform for about a year, for special service as an electrician at an Army base. He had a minor disability that kept him out of regular service.

Ditto. My father was in WWII -- but in His Majesty's Royal Air Force. My maternal grandfather was in WWI as a US Army doughboy, gassed in the trenches in France.

USAA said Dad didn't count because he wasn't in American services; apparently Allies don't count! And Granddaddy didn't count because he was dead by the time I asked.


I've had SF (in four states) since 1994, with multiple policies: two autos, homeowners or renters, and umbrella. So far no rude surprises....
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Old 03-27-2021, 10:38 PM   #31
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Originally Posted by ERObjd View Post
Asked about umbrella insurance back when we bought our home in mid 90's . seemed like not worth the $$ especially on a home that was built in 1943 that we bought for 77K. worth about 140 now . Our total net worth would be well below 500K which is the starting point for which umbrella policy is recommended.
My view is that umbrella protects you from a devastating judgement and really has nothing to do with your assets.

If I had total assets of $300K and someone won a $1 million judgement against me, I'd lose a lot of my assets (maybe not my house), and then they would garnish my income for the rest of my life.

If all I had was $300K, I'd be pretty unhappy to lose it.
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Old 03-27-2021, 10:39 PM   #32
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If a person wants $3M in umbrella insurance and the insurance company is reasonable for $2M , but outrageous for $3M, Could a person get the $2M coverage from insurance company, and then get another $1M from another insurance company ?
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Old 03-27-2021, 10:52 PM   #33
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For those with umbrella insurance do you have to have your home and car insurance with the same company as your umbrella insurance?
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Old 03-27-2021, 11:06 PM   #34
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I "do" have all three policies with same company. Auto/HO/Umbrella. Whether or not some company will sell umbrella policy without having also sold underlying auto/HO is up to each company. I suspect some would not. I also suspect any that would is going to charge more than if in a bundle of other policies. But that is just my suspicions. I have not shopped it that way over many many companies.
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Old 03-27-2021, 11:14 PM   #35
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My policies are all with 1 company, as I get discounts that way.

It must be true, because one year I switched the auto insurance to another company, and our house renewal price skyrocketed !! So I switched everything
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Old 03-28-2021, 06:12 AM   #36
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We have bundled GEICO in Florida and our $1 million umbrella increased to $338/yr, up 50% from 2020.
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Old 03-28-2021, 06:13 AM   #37
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We have GEICO auto and umbrella. The HO insurance company only does HO insurance.

I seriously doubt another company would sell us an "additional" $1M umbrella when we don't have other policies with them, though it's worth asking.

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For those with umbrella insurance do you have to have your home and car insurance with the same company as your umbrella insurance?
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Old 03-28-2021, 07:07 AM   #38
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$2,000,000 umbrella from Erie costs $395 down from $470 a year ago. That's for 2 houses and 8 cars. I'm surprised at all the Geico policyholders here. I requote our insurance every 2 or 3 years to make sure I'm still getting a good deal and Geico is always at least double what Erie is on both auto and umbrella policies. Homeowner's insurance with Erie also decreased substantially this year. I think what keeps Erie's rates down is that they don't write policies in areas that are prone to wildfires and other natural disasters that keep occurring year after year. They also don't pay for ads on TV or any other expensive advertising.
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Old 03-28-2021, 07:24 AM   #39
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They also don't pay for ads on TV or any other expensive advertising.
They do pay commissions to independent agents. But that's not a bad thing, just a different way of advertising.

Erie is good. I have friends who have liked their service. My last accident was with someone who had Erie. Determination of fault (theirs) was an easy process with them, and then they paid me a fair settlement. I'd consider them if I switch from Amica.

Right now I'm happy with Amica, including a reasonable Umbrella policy that hasn't changed price in 3 years.
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Old 03-28-2021, 07:37 AM   #40
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This is common. We've found that we have to change car insurance companies every 5-7 years.

Internet and cell phone companies seem to work the same way.
Consumer Reports did a study on insurance companies' pricing with new and existing customers. I don't recall specific names, but there were many recognizable names that had their hands solidly in the existing customer cookie jar, without a doubt. I'm pretty sure Amica wasn't caught penalizing their long term customers.
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