umbrella renewal

[Mr._Graybeard]

$239 for $2 mil coverage in SE Wis. Erie is my carrier.

 

[aja8888]

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.

 

[Mr._Graybeard]

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.

At $250 for $2 mill? I'd say when you're pushing up daisies.

 

[Dtail]

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.

Not quite sure, but I believe my true risk in this area is mainly contained within car driving, so might give it up then if not driving anymore.

 

[38Chevy454]

$411 for $2M umbrella; also have my house, daily driver cars, and RV with Allstate. So might get some bundling discount. Live in Cincinnati outskirts suburb area.

 

[Cobra9777]

$473 for $1M. DFW suburb. Liberty Mutual. Includes our residence, one rental house, four vehicles and two drivers. Our house has a pool and shares a 10-acre lake with about a dozen other homes, which increases the premium.... or so I'm told. I've received quotes from several companies and they don't vary much.

 

[statsman]

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.

We recently added a $1M Umbrella policy for our Central Texas home we purchased a year ago for $124/yr, and we have submitted to underwriting for $2M/yr. One house, two vehicles, two people 60+, low mileage driving, home and auto policies with the same carrier. Sounds like we'll be about the same as your coverage.

 

[gayl]

$288.15 for a 2m policy, not planning on dropping it

 

[aja8888]

We recently added a $1M Umbrella policy for our Central Texas home we purchased a year ago for $124/yr, and we have submitted to underwriting for $2M/yr. One house, two vehicles, two people 60+, low mileage driving, home and auto policies with the same carrier. Sounds like we'll be about the same as your coverage.

Yep, sounds pretty much the same.

 

[Morgan22]

$584 for $2M in coverage. Includes 3 drivers, one of which is 19 yo male$$.

 

[Rex]

$598 for $3 million w/GEICO.

Two drivers, two cars, one home and a beach rental condo.

 

[rk911]

we carry $1M personal liability for $275 and another $1M for under and non-insured drivers for $350. two drivers pushing 70, four vehicles including a motorhome and antique jeep. same insurer carries all policies except medical.

 

[street]

1 million for 246$ on 3 outfits, home and ranch.

 

[Livefree]

We pay $333 for 1 Million- 2 Homes and 3 Cars

 

[socaldonnan]

We’re covered by Travelers and my recent premium was $455 for $2 million. I reside in Southern Ca with our primary residence in Ventura County and a rental in a beach community in Orange County. We also have 2 cars a 2015 Lexus and a 2016 Mazada SUV’s. I have a message into our agent looking to raise coverage by another million.

 

[NateW]

We have a $2 million umbrella policy through USAA and the annual premium is $235. Live in Virginia.

 

[CH47]

$181 for $2M umbrella. Couple, one house, one car, North Georgia through USAA.

 

[Finance Dave]

$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.

 

[aja8888]

$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.

 

[Dash man]

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.

 

[RenoJay]

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.

 

[pb4uski]

$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.

 

[PatrickA5]

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!

 

[PatrickA5]

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.

 

[Finance Dave]

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.