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Old 06-05-2020, 08:38 PM   #41
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We have a $2 million umbrella policy through USAA and the annual premium is $235. Live in Virginia.
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Old 06-06-2020, 02:45 AM   #42
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$181 for $2M umbrella. Couple, one house, one car, North Georgia through USAA.
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Old 06-06-2020, 03:20 AM   #43
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$2M coverage for $400 in Indiana. The problem is that the price of the policy is not the only cost. For ours, we have to carry a certain amount of auto coverage that is above Indiana's required minimums....so our auto insurance is higher due to the umbrella.
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Old 06-06-2020, 06:14 AM   #44
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$2M coverage for $400 in Indiana. The problem is that the price of the policy is not the only cost. For ours, we have to carry a certain amount of auto coverage that is above Indiana's required minimums....so our auto insurance is higher due to the umbrella.
I think we all have to do that to get the umbrella coverage. In Texas you have to have $500K in liability coverage per auto.
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Old 06-06-2020, 06:25 AM   #45
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I think we all have to do that to get the umbrella coverage. In Texas you have to have $500K in liability coverage per auto.


Yes, we also had to raise our limits to at least $500k. We actually raised them to $1M for a total of $6M coverage. I don’t recall the difference, but it wasn’t much more money. At least I know if somebody sues us the insurance lawyers will get to work.
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Old 06-06-2020, 08:32 AM   #46
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I pay somewhere around $1,000/year for $5mm umbrella through RLI which is administered by USAA. I’ve shopped it against State Farm a few times in recent years and it was competitive.
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Old 06-06-2020, 09:18 AM   #47
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$2M coverage for $400 in Indiana. The problem is that the price of the policy is not the only cost. For ours, we have to carry a certain amount of auto coverage that is above Indiana's required minimums....so our auto insurance is higher due to the umbrella.
I'm surprised that you would only carry the minimums were it not for the requirements of the umbrella... not sure that makes a lot of sense... so the true cost is what any additional coverage that you need for the umbrella costs plus the cost of the umbrella.

I found an interesting nuance of pricing when I bought my first umbrella... and that was that the cost of higher liability coverage on the base policies was relatively low compared to the cost of the umbrella... IOW, the cost of increasing liability by $450k, from say $300k to $750k, was a lot less than 45% of the cost of a $1m umbrella.

Our $2m umbrella is $668 last year. I'm not sure if we really need that much and will reassess when our insurance comes up for renewal later this year.
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Old 06-06-2020, 09:34 AM   #48
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Just got our renewal from State Farm for 1M coverage. Went down to $197 from $453 after removing 22YO DS from our auto coverage. Love it! House and 2 cars.

What's interesting is his auto insurance cost went down by getting his own policy from what it was on our policy. I wasn't expecting that. Win/Win!
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Old 06-06-2020, 09:40 AM   #49
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I'm surprised that you would only carry the minimums were it not for the requirements of the umbrella... not sure that makes a lot of sense... so the true cost is what any additional coverage that you need for the umbrella costs plus the cost of the umbrella.

I found an interesting nuance of pricing when I bought my first umbrella... and that was that the cost of higher liability coverage on the base policies was relatively low compared to the cost of the umbrella... IOW, the cost of increasing liability by $450k, from say $300k to $750k, was a lot less than 45% of the cost of a $1m umbrella.

Our $2m umbrella is $668 last year. I'm not sure if we really need that much and will reassess when our insurance comes up for renewal later this year.
We had something similar unexpected.

I thought about getting rid of the Umbrella and saving a few bucks, so I called my agent and asked how much I'd save on auto dropping from 250/500 to 100/300. Came back it was actually more expensive?? I asked how that could be and she said our Multiline discount would decrease by removing the Umbrella more than the savings on the auto liability. So basically, I'm getting the increased auto liability free by having the Umbrella policy. Makes that $197 umbrella policy pretty valuable.
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Old 06-06-2020, 01:59 PM   #50
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I'm surprised that you would only carry the minimums were it not for the requirements of the umbrella... not sure that makes a lot of sense... so the true cost is what any additional coverage that you need for the umbrella costs plus the cost of the umbrella.

I found an interesting nuance of pricing when I bought my first umbrella... and that was that the cost of higher liability coverage on the base policies was relatively low compared to the cost of the umbrella... IOW, the cost of increasing liability by $450k, from say $300k to $750k, was a lot less than 45% of the cost of a $1m umbrella.

Our $2m umbrella is $668 last year. I'm not sure if we really need that much and will reassess when our insurance comes up for renewal later this year.
It's not that I would carry the minimums...I just wanted to make the OP aware of this in case they didn't know...so they understood the overall cost.
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Old 06-06-2020, 02:45 PM   #51
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$225 for $1mill, Tampa FL area. Written with Traveler's.
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Old 06-06-2020, 04:28 PM   #52
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Man, a couple hundred bucks a year for $2 mil in liability coverage seems like peanuts to me. When I start looking that far down the food chain to cut costs, I'll know I'm in trouble.

As for driving less = less need for liability, I think back to my DF, who started having trouble finding his way home. It's not that uncommon to hear about disoriented seniors getting on the freeway via the off ramp.
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Old 06-06-2020, 04:44 PM   #53
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Ours is $210 per year for a $2 Million policy, one tract home and one vehicle, two drivers. In New Mexico. With USAA.
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Old 06-07-2020, 04:51 AM   #54
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$150 for $1M with RLI. Couple, one house and two cars and two drivers in Eastern North Carolina.

Probably will check on cost to bump it to $2M next time I talk to Insurance Agent.
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Old 06-07-2020, 06:22 AM   #55
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$485 for $2M with USAA. Northern VA, 3 cars and primary home and 1 rental. The Universal was paid for and about $100 left over from rebate we get each year.
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Old 06-07-2020, 06:29 AM   #56
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$150 for $1M with RLI. Couple, one house and two cars and two drivers in Eastern North Carolina.

Probably will check on cost to bump it to $2M next time I talk to Insurance Agent.
$2m is an often quoted amount to have in order to have enough skin in the game to make it worthwhile for the lawyers to get involved to the fullest extent.
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Old 06-07-2020, 08:22 AM   #57
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We live in a boring midwest suburban town and pay $365 for $3M with State Farm. We have 1 modest home, two old'ish cars and one adult child still on our auto policy. I'm hoping for a rate reduction when the kid gets off the policy later this year.
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Old 06-07-2020, 08:44 AM   #58
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$292.03 for $2M. We have a 2018 Outback & a 2019 Accord Hybrid.

Though our auto insurance got the 15% discount w coronavirus, wonder if that will impact umbrella?
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Old 06-07-2020, 09:08 AM   #59
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We pay about $250/yr for 2 million in Texas.

Just curious, but when is the right time to drop this type of coverage? Our risks are much less than they used to be with no kids at home, only driving limited miles, DW not driving at all, etc.
I wouldn't drop it until you quit driving completely. I was told once that 85% of umbrella claims are related to auto accidents. Expensive accidents can happen any time the key is in the ignition.
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Old 06-07-2020, 09:17 AM   #60
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$216 for $1 million. North of Orlando. 2 cars with low annual mileage and one house. Two adults over 60 with clean records. USAA.
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