We pay $336 per year for 1 million in central Indiana. One house and two cars with State Farm.
That sounds expensive.
We pay $336 per year for 1 million in central Indiana. One house and two cars with State Farm.
So I'm not RE yet (prob in next 7 years). I don't have umbrella coverage. Is it worthwhile if I have 100/300 injury coverage on autos?
Also, any experience on insurance companies actually making good on that policy? I had so so experience with Geico on an auto claim (other driver 100% at fault).
As a retired Canadian couple with separate liability on Canadian auto (which covers US events), home and Florida condo, I am perplexed by this umbrella liability thing.
Is this something I should be getting?
I pay only $112 for $1M. As others have alluded to, the liability limits on your homeowners & Auto need to be synced to the umbrella policy. My cost may be lower because the liability coverage on my auto & homeowners is higher AND I PAY FOR IT THERE.
Man, it’s 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.
Man, it’s 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.
Heh, it also serves as an enticement for someone to sue you. Years ago my daughter was involved in accident. Suit was filed against us, reason really unknown. But lawyer for insurance company said that when someone finds a large umbrella policy it just invites them to file a suit, just playing the odds that they get a friendly judge and/or jury. But as you said it also caused insurance company to put a quality attorney on the case to cover their interest. In the end the suit was settled for an amount that covered the medical bills, which wasn't a whole lot.
As a retired Canadian couple with separate liability on Canadian auto (which covers US events), home and Florida condo, I am perplexed by this umbrella liability thing.
Is this something I should be getting?
I think that $273 might have been an error by USAA. We live in the same area, also insure with USAA and are paying $348 for $1M.
Heh, it also serves as an enticement for someone to sue you. Years ago my daughter was involved in accident. Suit was filed against us, reason really unknown. But lawyer for insurance company said that when someone finds a large umbrella policy it just invites them to file a suit, just playing the odds that they get a friendly judge and/or jury. But as you said it also caused insurance company to put a quality attorney on the case to cover their interest. In the end the suit was settled for an amount that covered the medical bills, which wasn't a whole lot.
i know i should probably do a search. But what are the factors in determining if i need an additional Umbrella policy if i have homeowners, car ,life, etc.?
Thanks
i know i should probably do a search. But what are the factors in determining if i need an additional Umbrella policy if i have homeowners, car ,life, etc.?
Thanks
Man, it’s 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.