Umbrella premium tripled!

[Amethyst]

We owned a 2BR condo in Florida for years (sold it in 2017) and paid more to insure it than insurance for a 4BR house, in a similar location, would have cost at that time. We never had an umbrella for it.

I was unable to get more than one mil umbrella on my Florida rentals and rates are up for that. I have $3m in all other states but FL requires separate coverage as main carrier won't insure in FL at all.

 

[sunnysideup]

We’ve been in FL since 2014. When we moved, we kept Amica, which we had had for 30 years in NJ. Our insurance doubled. So then we priced USAA. It was basically the same price. We truly had sticker shock. We paid the crazy rates for a couple of years.

After speaking with neighbors, we went to a local insurance agent who uses several companies. I made sure the coverage was the same... We ended up with homeowners with ASI, which was bought by Progressive. Their rates have been reasonable. We have our auto and umbrella with southern auto owners. The agent recommended we lower our umbrella to 1 million, she said you can over insure yourself. Not sure if that’s true but we took her advice.

Currently our umbrella for 1M is about $400, it has been pretty steady for 4 years.

I agree it’s a good idea to look around if your rates seem crazy. I am planning to look around next year to see if we can do better.

 

[gayl]

Too bad we can't use USAA.

My USAA went up to $288 for 2m but then I also insure home / earthquake / auto with them and my monthly premium spiked to $426.97. I'd change but earthquake and fire are higher in SF Bay Area

 

[socca]

GEICO just notified me of a 25% premium increase for the next renewal of my $2M umbrella. AFAIK there hasn't been any change in my risk profile over the last year so I assume that this premium increase is just profit-taking by GEICO's bean counters.

I did some shopping around but couldn't find anything cheaper. One agent said (with a snooty tone in her voice), "We don't issue umbrella policies of that size for people who live in your area." Does she think I live in a homeless encampment?