What sucks is that the Umbrella goes up for everything you are separately insuring. I have 20 year old stand up PWCs, a sit down, an old boat, 10 year old snowmobiles, the standard car for each of us and every one jacks up the price of the umbrella. It's like I'm going to have 10 people each on one vehicle simultaneously and we're all high-risk.
It makes me want to sell everything to eliminate the hassle of ownership and just rent things here or there. Lord knows I haven't been on the sleds for two winters, and since we camped all of last summer, I didn't get on a single watercraft.
I am no expert. Selling all of your stuff and renting here and there does not eliminate the need for umbrella insurance. You can do just as much damage when renting as you can while owning. Of course, if you loan out your "stuff" to neighbors and friends, then your risk as an owner certainly does increase. That and the umbrella also increases your homeowners and daily vehicle liability insurance.
Full disclosure: I'm going to see a lawyer about our rear end accident that happened at Christmas. Found out today that I've got some pretty serious cervical spine problems that my surgeon says will probably require surgery at some point. We're trying some other things first. He's the one who suggested it's time to lawyer up. I don't imagine spine surgery will be cheap.
Our policies are all under Allstate - home, auto, umbrella.Do you have to have an umbrella policy under the same insurer as your car and home insurance? Or, can home/auto be different than umbrella?
Currently, we have home insurance through nationwide, auto through geico and umbrella through geico. I wanted to move our umbrella to nationwide but they wouldnt because we didnt have auto through them. Not sure if they were just bsing me or if this is a real thing.
Do you have to have an umbrella policy under the same insurer as your car and home insurance? Or, can home/auto be different than umbrella?
Currently, we have home insurance through nationwide, auto through geico and umbrella through geico. I wanted to move our umbrella to nationwide but they wouldnt because we didnt have auto through them. Not sure if they were just bsing me or if this is a real thing.
I recently purchased an umbrella policy and the agent offered me with or without excess uninsured motorist (UIM) coverage. The policy almost doubles in price if you get the excess UIM. The excess UIM would pay medical costs for me and my passengers after any regular auto coverage for UIM.
I wanted to get peoples thoughts on whether they have the extra UIM coverage.
Copyright1997 - no, that’s my umbrella premium only. As I mention above, it does include 1M in uninsured motorist. We have normal auto policies underneath the umbrella for which we pay separate (additional) premiums. Hers is approximately 1.8K. Mine is approximately 1K. Notably, our umbrella policy is through Chubb, who is also our home insurance carrier. So, we are ostensibly getting the benefit of buying multiple products from one company.
Buckeye - yes, two adult drivers (only) with excellent driving records.
I spoke with my agent, who I trust, and shared several of the premium figures in this thread. He said it’s primarily due to living in Florida.
Man, it’s disheartening to read through this thread and realize our premium is the highest by a long shot. My agent has always been very reliable and cost conscious. Maybe there is some obvious reason why our premium seems to be such an outlier by comparison to the discussion above
Here is a quick summary of the particulars:
5M umbrella w/1M in uninsured motorist. We live in Florida and this is a Chubb Masterpiece Policy. Our policy lists our primary residence and four rental properties. The rental property portion of the premium is negligible.
34 bucks each. The biggest expense are our two vehicles: $1015 for 2015 BMW SUV. And $696.00 for 2107 GMC pickup. Note, we obviously carry primary auto insurance too, and we have blemish free driving records.
Total premium (gulp): $2,114.00.