Our umbrella policy went up again. We are in Florida. It was about $200 for many years, which was a no-brainer for $1M coverage, but then it went to $450 in 2020, and now it will be $750 in 2022! No claims, same coverage. And we only have one car and nothing else. Absolutely insane.
They always regurgitate the same excuse about the state raising this and that, and the fraud, etc. But that is nothing new in FL, and I doubt any of that can justify a rate that more than tripled in less than 14 months.
I am seriously debating increasing the coverages on our auto and home policies to 1M each, and simply cancelling the umbrella altogether. We would loose the personal coverage, but we never really have anybody over at our place (Covid) and if we do, it would be family. I would like to think they would not want to sue us if they slip and fall inside our home... Raising the coverage on our existing auto policy would only cost an extra $100/year. Better than $700+/year! What else am I missing here? Anybody else debating the same?