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Old 03-28-2021, 08:09 AM   #41
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I will see what Erie and Amica say about umbrella and auto, but they are not going to quote on HO in Florida.

No major national company, that I am aware of, writes HO in Florida. Certainly not on the coast!

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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, 09:02 AM   #42
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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.
You'd lose your non-exempt assets (primarily anything in a taxable account) but you'd then go file Chapter 7 bankruptcy to discharge whatever was left of the judgment (IIRC, civil judgments are not subject to Chapter 7 income limits)
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Old 03-28-2021, 09:54 AM   #43
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You'd lose your non-exempt assets (primarily anything in a taxable account) but you'd then go file Chapter 7 bankruptcy to discharge whatever was left of the judgment (IIRC, civil judgments are not subject to Chapter 7 income limits)
Thanks...... Having never been sued, I thought a debt like that was permanent. Now I know why some folks drive around without any insurance.
There doesn't seem to be a risk of future earnings.
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Old 03-28-2021, 12:40 PM   #44
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Originally Posted by Amethyst View Post
I will see what Erie and Amica say about umbrella and auto, but they are not going to quote on HO in Florida.

No major national company, that I am aware of, writes HO in Florida. Certainly not on the coast!

There are two large national insurers that operate in Florida: USAA and Progressive. Most other recognizable names are single-state subsidiaries that are not backed by the financial resources of the parent. For example, State Farm Florida is not in a pool with State Farm Fire, and it will go bankrupt if it exceeds its reinsurance limits.
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Old 03-28-2021, 12:55 PM   #45
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There are two large national insurers that operate in Florida: USAA and Progressive. Most other recognizable names are single-state subsidiaries that are not backed by the financial resources of the parent. For example, State Farm Florida is not in a pool with State Farm Fire, and it will go bankrupt if it exceeds its reinsurance limits.


USAA refused twice to write an HO policy in Florida for us. They may only insure active duty homes or homes they previously insured.
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Old 03-28-2021, 01:27 PM   #46
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USAA is out, are you saying Progressive writes HO in Florida?

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There are two large national insurers that operate in Florida: USAA and Progressive. Most other recognizable names are single-state subsidiaries that are not backed by the financial resources of the parent. For example, State Farm Florida is not in a pool with State Farm Fire, and it will go bankrupt if it exceeds its reinsurance limits.
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Old 03-28-2021, 01:36 PM   #47
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USAA is out, are you saying Progressive writes HO in Florida?


We went through Synergy Insurance as a broker. We ended up with coverage from Lloyds of London insuring our Florida condo, and using a different broker at the Jersey Shore, we also ended up with Lloyds of London. These are both just the homeowners. For umbrella, USAA put us with USLI.
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Old 03-28-2021, 01:39 PM   #48
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My understanding is the USAA will insure you in Florida if you are already a military member and are assigned there on official orders. Otherwise they stopped years ago.
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Old 03-28-2021, 01:51 PM   #49
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USAA is out, are you saying Progressive writes HO in Florida?
My understanding is that they do. Though maybe it has changed in the past couple years. And maybe not necessarily every possible house in FL.
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Old 03-28-2021, 02:06 PM   #50
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My secondary umbrella is under $500 for $5M, placed with a secondary insurer by my agent, with the Safeco coverage limited to $2M. This is with a rental property, no pools.
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Old 03-28-2021, 02:07 PM   #51
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Umbrella

No, renewed my policy this year and it was a minimal increase over last year <5%

Something is very weird to see a 300% Y/Y increase IMO.
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Old 03-28-2021, 05:52 PM   #52
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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.
We've had to do it a couple of times, most notably with Nationwide, which quoted an eye-rolling rate to add our daughter to our insurance.

Most recently, our quote from Progressive was simply uncompetitive when we moved to Virginia. State Farm was hundreds less.
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Old 03-28-2021, 06:01 PM   #53
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We have a 4MM Umbrella policy including Uninsured/Underinsured with State Farm, which underwrites all of our policies. Premium is $633/yr. One home, 2 autos. I sure hope the premium doesn't increase.
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Old 03-29-2021, 09:55 AM   #54
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USAA is out, are you saying Progressive writes HO in Florida?
They do in some areas at least, so it's worth a shot to try them.

The way it was explained to me was that it's through Progressive, but it's really a smaller company they bought, so the policy doesn't actually show "Progressive". Supposedly, it's to keep their investors happy somehow. Also, it is only within the last four or five years they've been writing in FL again. I'm guessing that's when they bought the other company.
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Old 03-29-2021, 03:02 PM   #55
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USAA refused twice to write an HO policy in Florida for us. They may only insure active duty homes or homes they previously insured.

This is not the case. If you want USAA keep trying. When I bought my townhouse in March of 2019 they said no. Three months later I was changing my car policy and when done asked to be transferred to property just to check and they were willing to underwrite. Just depends on their risk exposure at the time. They cost a bit more than what I had to get through closing but I'm happy to have their customer service and deep pockets. First renewal in 2020 was no surprise for HO or umbrella.
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Old 03-29-2021, 03:18 PM   #56
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FYI: I just checked. for a 1 mil buck bumbershoot policy the price hasn't changed at all for the 2021-2022 season
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Old 03-29-2021, 04:10 PM   #57
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This is not the case. If you want USAA keep trying. When I bought my townhouse in March of 2019 they said no. Three months later I was changing my car policy and when done asked to be transferred to property just to check and they were willing to underwrite. Just depends on their risk exposure at the time. They cost a bit more than what I had to get through closing but I'm happy to have their customer service and deep pockets. First renewal in 2020 was no surprise for HO or umbrella.

Iíll check the next time the policies renew. Lloyds of London has deep pockets too, and the policies are priced well. It would be convenient to be under one insurer, so I would like to change if I can. USAA customer service is usually very good, but the broker Iíve worked with have also been good. The only claims Iíve ever had were with USAA, and I had to write to the CEO because the agent handling one claim wasnít cooperative. Within a week of mailing the letter my claim was resolved.
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Old 03-29-2021, 04:55 PM   #58
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This is not the case. If you want USAA keep trying. When I bought my townhouse in March of 2019 they said no. Three months later I was changing my car policy and when done asked to be transferred to property just to check and they were willing to underwrite. Just depends on their risk exposure at the time. They cost a bit more than what I had to get through closing but I'm happy to have their customer service and deep pockets. First renewal in 2020 was no surprise for HO or umbrella.
This also could depend on what USAA company you are tiered in.

USAA
USAA CIC - descendants of USAA tier
Garrison Property & Casualty - descendants of CIC tier

There are others.
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Old 03-29-2021, 05:07 PM   #59
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Mine almost doubled as well. Also in FL. It is getting out of control.
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Old 03-29-2021, 06:29 PM   #60
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My Florida $5million umbrella policy cost jumped. I switched to Progressive and saved significant $$.
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