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Old 06-10-2020, 11:56 PM   #101
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Henderson Nevada here, one Lexus car and rental property, two millions coverage paying $420 annually
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Old 06-11-2020, 05:34 AM   #102
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4 Million umbrella, including 4 Million for Uninsured/Underinsured motorists.

Premium is $633/yr and hasn't changed for years. Retired, 1 house, 2 cars. I don't think the cost of the cars affects the premium. For those with lower premiums for comparable coverage I'd suggest you may not have the U/U coverage or a lower tier of the U/U coverage. That coverage is not necessarily included in policies and is a big factor in the premium. Dropping the U/U from your policy will reduce your premium, but we've been advised by our attorney to keep the U/U. It covers more than you'd think it would.
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Old 06-11-2020, 05:45 AM   #103
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$664 for 1M through MetLife in Florida. Two drivers and three cars. Sounds high compared to others.
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Old 06-11-2020, 06:37 AM   #104
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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.
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Old 06-11-2020, 07:23 AM   #105
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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.
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Old 06-11-2020, 08:47 AM   #106
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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.
I only meant that the umbrella cost would go down if the number of vehicles was reduced.

I've always wondered if an umbrella covers rentals such as a snowmobile or ATV? I'd just like it to cover me and my family members actions.
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Old 06-11-2020, 08:49 AM   #107
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Just increased our car policy to $1M on liability - surprised it would go that high. Cost is about $6 extra/month on existing policy (2 adults, 1 car) - still going to check on umbrella though...
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Old 06-11-2020, 08:52 AM   #108
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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.
It will not be cheap, you can ask my DW. You can expect your health insurance folks to seek reimbursement from the other party, this is pretty common in the insurance world.
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Old 06-11-2020, 10:59 AM   #109
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$230 for 1 million coverage. 2 cars, one sled, 4 rental houses. Just paid the annual premium today.
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Old 06-14-2020, 04:53 AM   #110
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We pay $155 for a $1M Umbrella policy.
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Old 06-14-2020, 04:56 AM   #111
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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.
Our policies are all under Allstate - home, auto, umbrella.
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Old 06-15-2020, 09:40 AM   #112
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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.
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Old 06-15-2020, 10:28 AM   #113
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Hi All,

Timely thread - was just getting to doing this.

So, USAA (our auto policy carrier) has umbrella rates that escalate up to about $1000 per year for $5M ($719 for $3M) cover our primary house, five single family rental houses, boat, two cars - all in Florida.

They offer an option to include what is apparently additional "Uninsured Motorist" -our current policy shows Uninsured Motorist at $300K/$500K.

Is the $1M simply another increase to this coverage?

The charge for this is about $200 per year, regardless of which size umbrella we choose.

Thoughts?
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Old 06-15-2020, 10:42 AM   #114
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based on my quote I think the $200 for additional UIM is for $1M of coverage (my policy calls this "base UIM coverage) in addition to your 300/500 auto policy coverage.

The quote I got then has another $400 to take the addition UIM from $1M to $5M (which is what the rest of the umbrella policy is for). I'd have to check to see if I could a 5M umbrella policy with only the $1M UIM (base coverage) or if I have to do the extra $200+$400 for the full $5M UIM coverage.
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Old 06-15-2020, 11:12 AM   #115
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Quote:
Originally Posted by ponyboy View Post
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.
You don't have to; they can be different.

However, my (very limited) understanding is that if you go with separate carriers there is more likely to be gaps between the top of your auto/home policy limits and the bottom of the umbrella policy and you would be responsible for covering those gaps personally if you were sued.

Of course, the insurance company can refuse to write the policy, and maybe they do so in order to protect you from these gap issues.

I just got a $1M policy with USAA, which also covers my home and auto. Interestingly, they did ask if I had a pool at my house - someone upthread said that USAA said that a pool didn't matter. Hmmm. It could differ by state I suppose.

I decided on $1M not because of net worth but because of my assessment of liability risk. In my state, by my understanding from a long time ago, in a garden variety mistake (i.e., not negligence like a DUI or something), jury awards are very very rarely more than $1M. So I feel like $1M umbrella plus reasonable care is safe enough. May up it later.
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Old 06-15-2020, 11:32 AM   #116
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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.
we do. $1m general liability, $1m UIM. the UIM premium is slightly more than the other. looking to increase to $2m or possibly $3m.
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Old 06-15-2020, 09:56 PM   #117
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Copyright1997 - no, thatís 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 itís primarily due to living in Florida.
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Old 06-17-2020, 06:50 AM   #118
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Copyright1997 - no, thatís 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 itís primarily due to living in Florida.
We are in Central FL. We carry UIM only on our Auto policy though, equal to our liability coverage. I think that would account for the price difference in umbrella coverage. Just as a point of reference on auto ins, for 2 cars, we pay $1800 with the liability limits required to meet up with the umbrella. Includes low mileage discounts.
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Old 06-19-2020, 06:57 PM   #119
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Asking what others are paying on insurance premiums is a futile exercise. First off insurance is regulated at a state level, therefore rates are developed and filed based upon an insurer's loss experience in that state. An identical risk, excepting location across states, can and will have materially different premiums charged (i.e. location matters to insurance). Secondly you will not receive responses in a forum like this representing your risk profile - some being worse, others better - therefore the rates cited will be wildly different. I personally don't think the addition of your Subaru is the source of your rate increase, unless it also was accompanied by the addition of another driver (especially a teen one). The best way to determine if you are being charged an appropriate rate is to shop your insurance to different reputable companies. Rate isn't everything as you note, claims handling matters as well - that aspect is something that is relevant to ask of others (although under insured people can sometimes have unfairly negative opinions).
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Old 07-01-2020, 03:04 AM   #120
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Man, itís 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.
We also have a Chubb Masterpiece Policy. If you have a single property without any complicated insurance needs then in my opinion there is no reason to pay extra for Chubb. However if you have multiple properties including investment properties and multiple cars, boats etc.... we have found Chubb to be reasonable. I can't list the number of times we have run into an issue and it was covered under the Chubb policy but not covered by others. For example we rented an Airsteam for two weeks and did not have a separate trailer policy. That was covered by a Chubb Masterpiece policy and saved us a bunch not having to get a separate policy or pay the vendors high rates. We recently renovated a beach house and instead of getting a new builder's all-risk policy we just needed a Rider to our existing policy. We own other properties in an LLC and we are able to add liability coverage under our Masterpiece policy. Chubb makes sense if you have a somewhat complicated insurance portfolio--otherwise not so much.
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