Umbrella premium tripled!

[SeattleRocks]

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.

 

[Out of Steam]

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.

 

[Golden sunsets]

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.

 

[always_learning]

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.

 

[FLSUnFIRE]

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.

 

[razztazz]

FYI: I just checked. for a 1 mil buck bumbershoot policy the price hasn't changed at all for the 2021-2022 season

 

[Dash man]

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.

I’ll 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 I’ve worked with have also been good. The only claims I’ve ever had were with USAA, and I had to write to the CEO because the agent handling one claim wasn’t cooperative. Within a week of mailing the letter my claim was resolved.

 

[teej1985]

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.

 

[Karloff]

Mine almost doubled as well. Also in FL. It is getting out of control.

 

[LiveBelowMeans]

My Florida $5million umbrella policy cost jumped. I switched to Progressive and saved significant $$.

 

[Dtail]

My Florida $5million umbrella policy cost jumped. I switched to Progressive and saved significant $$.

I will check them out too for the Umbrella and Auto.

 

[sn2792]

Our homeowners, auto and umbrella policies are with Allstate. Our umbrella policy stayed the same at $237 for 1 million.

 

[Gearhead Jim]

We have fairly high underlying coverage on our auto liability, but not extravagant.
2 people/3 cars including a Corvette.
50 miles NW of Chicago.
$2 million umbrella from State Farm costs us $395/year.

 

[meleana]

We moved from NY to NH and our car and home and umbrella are with Progressive.

However in NH where we now reside Progressive does not offer umbrellas, but they contract with RLI so that’s what we have now. $2 million for $495. Just 2 older SUVs and a small new construction cottage.

 

[Rambler]

Mine is about $1500, but for 5m. Personalumbrella.com, and covers our home, two cars and a motorhome.

 

[trumpeting_angel]

For those with umbrella insurance do you have to have your home and car insurance with the same company as your umbrella insurance?

I've found that to be true, both times I've begun an umbrella policy. I can't remember what my latest one cost, but I'm pretty sure it was around $200. 1 car, renter's, and 1 house.

 

[NietzscheOnFIRE]

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.

Wildfires? Umbrella coverage has nothing to do with losses like that. It’s for liability claims. So one would have absolutely nothing to do with the other.

On separate but related note I’m wondering if anyone else has also had trouble getting an umbrella policy because you don’t own real property and have autos registered in different states and rent home in another, etc.?

 

[BeachOrCity]

No, I just renewed mine at $1,447, but it covers three cars and five homes, including a short term rental beach property in New Jersey and a beach condo in Florida. We use USLI.

Dashman. I would double check that. Typically an umbrella will not cover a SHORT TERM rental. Yours might but my experience was I had to purchase separate commercial liability policy.

 

[BeachOrCity]

Part of the issue is you are using GEICO. They don’t actually underwrite umbrella or homeowners coverage. They are basically just reselling you someone else’s insurance. Shop around.

 

[stephenson]

Have had USAA auto insurance since 1975.

Had to shop for better pricing in Virginia, and again in Florida - USAA prices 2-3 X. Then last year their price better than the small carrier in Florida on our new house.

Also have $3M umbrella with USAA - about $1200, but includes three cars, boat, five rental houses, and current personal home.

Arguing with them now about $250 a year increase in rates to cover $20,000 solar system I’m considering - which they say adds $73,000 in value. Nutty company.

I liked USAA better when they only covered military officers. Low risk pool with extraordinary service. Then they started selling mutual funds, financial services, etc and quickly became non competitive with Vanguard, TRP, and Fidelity.

 

[kyzymurgist]

Bottom line is just shop insurance every 3 years or whenever you get slammed with a big increase. Not that hard and even easier with independent agents.

I just switched policies this week after a local MetLife agent sent an unsolicited home insurance quote of less than half of my current premium.

Kicker is that I was already insured through MetLife[emoji846]. I now have a new agent and new policy with annual savings of over $600. I know that caused some intra-agency problems but I put them in a tough situation and it was that or lose me.

Two rentals, two cars, home, and $2M umbrella. BTW, the umbrella coverage is under $400 with MetLife in KY.

 

[Dtail]

Bottom line is just shop insurance every 3 years or whenever you get slammed with a big increase. Not that hard and even easier with independent agents.

I just switched policies this week after a local MetLife agent sent an unsolicited home insurance quote of less than half of my current premium.

Kicker is that I was already insured through MetLife[emoji846]. I now have a new agent and new policy with annual savings of over $600. I know that caused some intra-agency problems but I put them in a tough situation and it was that or lose me.

Two rentals, two cars, home, and $2M umbrella. BTW, the umbrella coverage is under $400 with MetLife in KY.

I tried to get my Umbrella lowered with the current company but to no avail.
However, I was able to lower my auto by $800 yearly. I asked them directly that if I transferred to another company and then came back to them after one year, would my insurance premium be lowered?
No direct answer except to "rerun" the numbers and lower my premium by 800.

 

[medelste]

Wow, sounds like I got an overpriced quote for Umbrella insurance from Progressive in Illinois. I was just quoted $323/yr for $1M and $536/yr for $2M, and we have auto (1-car) and renters insurance with them *and* we haven't been in any accidents or gotten any tickets, *and* we have excellent credit *and* we're renters so we don't have a pool or anything risky like that *and* we have no recreational boats or RVs or anything. Guess I need to shop around!

Anyone in Illinois recommend their insurance?

 

[CaliKid]

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 was unable to get more than one mil umbrella on my Florida rentals and rates are up for that. I have $3m in all other states but FL requires separate coverage as main carrier won't insure in FL at all.

 

[Dash man]

Dashman. I would double check that. Typically an umbrella will not cover a SHORT TERM rental. Yours might but my experience was I had to purchase separate commercial liability policy.

Thanks. It states it covers rentals and does not have any exclusion for short term rentals. You made me check!