Umbrella policy renewal premium increase is 122%

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Buckeye

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I received my $1,000,000 umbrella policy renewal (for April 2026) notification from USAA today. My annual premium for 1 house and 2 cars went from $299 to $665. I actually burst out laughing. A 122% increase when nothing has changed in our situation. We have the same vehicles, no additional vehicles, no additional dwellings, no tickets, no accidents, no claims on any insurance. Just one year older. And we live in Florida.

Has anyone else with umbrella coverage from USAA and/or in Florida seen such an enormous increase like this? I will call them on Monday and ask what is going on but I'm sure I'll get some generic response like, "Well, costs have increased." I'll see whether they have any other partners who write umbrella policies for them (they used to use RLI) but I'll probably have to shop it elsewhere. The increase just seems bizarre.

EDIT: Corrected price of renewal policy to $665 from $635.
 
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I feel your pain - at least in part.

Earlier this month I was notified our $1M USAA umbrella renewal policy premium would increase 42%, from $343 to $486. Like you, one house, two cars with no change to our situation.

If you got the same letter I did, it said the increase was "Due to a change in rates or rating program". IOW, we decided to charge you more so we're going to do so.
 
I am confused by your wordings, when you mentioned that the premium for 1 house and 2 cars went from $299 to $635. I assume that you meant that the umbrella policy for $1M went from $299 to $635, and that you have 1 house and 2 cars.

Insurance companies can usually price however they want, and they rely on the consumer being reluctant to change insurers and not shop around.
 
RetiredHappy said:
I am confused by your wordings, when you mentioned that the premium for 1 house and 2 cars went from $299 to $635. I assume that you meant that the umbrella policy for $1M went from $299 to $635, and that you have 1 house and 2 cars.

Insurance companies can usually price however they want, and they rely on the consumer being reluctant to change insurers and not shop around.
Click to expand...
I just quoted a policy with RLI (online) and it came to $788 so I guess I should be happy with $665 (corrected above from $635) from USAA.
 
REWahoo said:
I feel your pain - at least in part.

Earlier this month I was notified our $1M USAA umbrella renewal policy premium would increase 42%, from $343 to $486. Like you, one house, two cars with no change to our situation.

If you got the same letter I did, it said the increase was "Due to a change in rates or rating program". IOW, we decided to charge you more so we're going to do so.
Click to expand...
Yep, same letter and the same vague, catch-all language. I don't know how FL can have increased payouts. We've always been swamped with personal injury lawyers so nothing new there.
 
Have you checked with AAA and Travelers? They seem to have the best rates where we live.
 
RetiredHappy said:
Have you checked with AAA and Travelers? They seem to have the best rates where we live.
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I haven't yet but I definitely will shop around. I went over to Reddit and lots of posts on the insurance sub-reddit about big umbrella policy increases.
 
Not sure if this is the case but...

They might have paid out a lot lately and have determined they were not charging enough.. just because your situation did not change does not mean your cohort did not...
 
We had a large increase last year in Florida. We are at $828 for 2m of coverage with Travelers.
 
Texas Proud said:
Not sure if this is the case but...

They might have paid out a lot lately and have determined they were not charging enough.. just because your situation did not change does not mean your cohort did not...
Click to expand...
Yes, I guess so. USAA is member-owned so I know the increases aren't to pay stockholders. Excess reserves are paid out to member policy holders every year. I was shocked by the percent increase but the actual amount of the increase, $365, isn't huge. FL has always been one of the most litigious places on earth so it's hard to believe things have changed that much here.
 
Thanks for the heads-up. Mine isn't due for renewal till May. I'll update this thread if I remember.
 
REWahoo said:
I feel your pain - at least in part.

Earlier this month I was notified our $1M USAA umbrella renewal policy premium would increase 42%, from $343 to $486. Like you, one house, two cars with no change to our situation.

If you got the same letter I did, it said the increase was "Due to a change in rates or rating program". IOW, we decided to charge you more so we're going to do so.
Click to expand...
Oof-USAA....I've spent way too much time talking to their reps in the last 10-15 years...(not for claims-none-just basic stuff and feedback regarding their ever changing processes and costs 🙄) definitely a company that has slid in the customer service stat...very sad. And, no, not surprised at large percentage increases...is SOP for those guys...I think umbrella is an area they can possibly make more profits to cover losses in other types of insurance coverage. Or, our sue happy society is eating into umbrella damage payouts. I think they asked if I had a certain type of pet-dog-when I re-upped when back here in USA.
 
I am with Shelter and ours went down $50 for $5m in coverage.
Total insurance costs went up in 2026 by $100. Had a larger increase in 2025.
 
It's not just USAA, I cancelled mine with Allstate a few years ago due to large price increases. I've switched home owners insurance for better rates and cut back on my auto coverage too. No claims in >25 yeas.
 
We started an umbrella policy last year with State Farm. This year the bill was nearly double what the cost was last year. I called and complained and said I might need to "shop around" (trying to negotiate) but they held firm and explained that there were likely going to be increases across the board for umbrella policies at other companies too. We have a lot going on this year so I just kicked the can down the road and renewed, but made a calendar reminder to properly shop around next year. Luckily home & auto renewals didn't see any increase.
 
Same. I got 2m umbrella insurance before Covid. If I remember right it was less that $300 for the year. Last fall, the price is was ~$700. Sure wish my salary double or more every ~6 years...
 
We have USAA. The screaming sound you hear will be when my wife gets the bill for the umbrella policy. I think we will receive it in the May time frame. I will report back at that time.
 
If there every was an example of a company padding it's own profits, while crying wolf, these rising umbrella costs are probably it.
 
Thanks for the topic!

I just checked. They never sent a renewal letter, but they did increase. I didn’t do the math but it’s at least 40%.

Our Florida home has a pool and we have a second home in the Chicago area, so the premium is now in nosebleed territory.
 
Just got our USAA renewal in CA. Up 11% this year but last year was a doozy at 37%. Close to a double over the past two years…..this was one policy I have had for years that was steady. Actually when we moved from CT to CA 4 years ago it went down!
 
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