Umbrella premium tripled!

[Dtail]

Quote:

Originally Posted by LiveBelowMeans 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]

Quote:

Originally Posted by EA-Sports 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]

Quote:

Originally Posted by Anna J 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]

Quote:

Originally Posted by Dash man 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]

Quote:

Originally Posted by 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.

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]

Quote:

Originally Posted by Amethyst 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]

Quote:

Originally Posted by BeachOrCity 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!

[Amethyst]

We owned a 2BR condo in Florida for years (sold it in 2017) and paid more to insure it than insurance for a 4BR house, in a similar location, would have cost at that time. We never had an umbrella for it.

Quote:

Originally Posted by CaliKid 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.

[sunnysideup]

We’ve been in FL since 2014. When we moved, we kept Amica, which we had had for 30 years in NJ. Our insurance doubled. So then we priced USAA. It was basically the same price. We truly had sticker shock. We paid the crazy rates for a couple of years.

After speaking with neighbors, we went to a local insurance agent who uses several companies. I made sure the coverage was the same... We ended up with homeowners with ASI, which was bought by Progressive. Their rates have been reasonable. We have our auto and umbrella with southern auto owners. The agent recommended we lower our umbrella to 1 million, she said you can over insure yourself. Not sure if that’s true but we took her advice.

Currently our umbrella for 1M is about $400, it has been pretty steady for 4 years.

I agree it’s a good idea to look around if your rates seem crazy. I am planning to look around next year to see if we can do better.

[gayl]

Quote:

Originally Posted by Amethyst Too bad we can't use USAA.

My USAA went up to $288 for 2m but then I also insure home / earthquake / auto with them and my monthly premium spiked to $426.97. I'd change but earthquake and fire are higher in SF Bay Area

[socca]

GEICO just notified me of a 25% premium increase for the next renewal of my $2M umbrella. AFAIK there hasn't been any change in my risk profile over the last year so I assume that this premium increase is just profit-taking by GEICO's bean counters.

I did some shopping around but couldn't find anything cheaper. One agent said (with a snooty tone in her voice), "We don't issue umbrella policies of that size for people who live in your area." Does she think I live in a homeless encampment?