Recommendations for Umbrella Insurance?
-
- Posts: 2519
- Joined: Tue Oct 06, 2009 7:05 pm
Recommendations for Umbrella Insurance?
Planning to shop for a policy. I have no idea what would be considered a fair price for a policy in 2021.
If you don't mind sharing - how much you pay, how much your coverage is and who your insurer is?
Thank you.
If you don't mind sharing - how much you pay, how much your coverage is and who your insurer is?
Thank you.
How many retired people does it take to screw in a lightbulb? Only one, but he takes all day.
Re: Recommendations for Umbrella Insurance?
We have home, auto and umbrella with the same company. Umbrella kicks in when a claim goes beyond the other policies, so they probably impact the umbrella cost. We have relatively common home and auto policies and a 1M umbrella that cost $153 annually with the recent renewal.
Tim
Tim
Re: Recommendations for Umbrella Insurance?
I don't think it will help to know at all, since we have these threads all the time and people report a wide variety of premiums. Before this year, I was commonly paying almost twice what some others were for the same coverage. Now I'm paying less what with the extraordinary rate increases that Bogleheads have been posting (along with a few much smaller increases of course.) So especially this year you might need to also ask how recently the policy was last renewed. It's really dependent on the risks you have and where you live, even without these surprising (to me) increases this year. It's like asking what would be a fair price for a homeowner or auto policy.Barefootgirl wrote: ↑Thu May 06, 2021 7:36 am Planning to shop for a policy. I have no idea what would be considered a fair price for a policy in 2021.
If you don't mind sharing - how much you pay, how much your coverage is and who your insurer is?
Thank you.
Also there is the factor of whether with some companies you may get a discount for having an umbrella with the same company as you have other insurance. I'm not sure but I believe some companies might consider an umbrella sufficient for an additional discount on other policies (as they would homeowner + auto for example) but probably at least some don't.
Re: Recommendations for Umbrella Insurance?
and of course your individual circumstances also play a part... I am confident my policy that includes a 19 yo male driver is more expensive than if it was just my wife and I. So take the numbers that get posted with a grain of salt.
I have an independent agent shop my policies every 2 years, and compare that to Geico as well.
Mike
I have an independent agent shop my policies every 2 years, and compare that to Geico as well.
Mike
Re: Recommendations for Umbrella Insurance?
My policy includes rental property within the umbrella, as well.
$410, $2M
Shop a few places and you'll know what's appropriate for your situation.
$410, $2M
Shop a few places and you'll know what's appropriate for your situation.
Last edited by gr7070 on Thu May 06, 2021 9:03 am, edited 1 time in total.
Re: Recommendations for Umbrella Insurance?
We live in CT, ages 74/69, with 2 boring SUVs and a home. No special hazards (e.g., swimming pool, high risk dog), and no prior claims. We just paid our 2021 premium of $753 for 1M of coverage. I'd be curious if other folks around our age in CT have similar costs.
-
- Posts: 5993
- Joined: Mon Aug 22, 2016 3:22 pm
Re: Recommendations for Umbrella Insurance?
1 Million on a stand alone policy (not bundled w/Home Auto)
Stillwater Insurance
$230 per year
No youth drivers, 2 cars and a pool in AZ.
Stillwater Insurance
$230 per year
No youth drivers, 2 cars and a pool in AZ.
Re: Recommendations for Umbrella Insurance?
Similar to you in all respects except for a caged pool in SW Florida. Premium recently jumped from $670 for $3M to $1,111 with Geico. Not sure what I'll do. Hate to shop around because it usually means moving homeowners and auto as well.prd1982 wrote: ↑Thu May 06, 2021 8:59 am We live in CT, ages 74/69, with 2 boring SUVs and a home. No special hazards (e.g., swimming pool, high risk dog), and no prior claims. We just paid our 2021 premium of $753 for 1M of coverage. I'd be curious if other folks around our age in CT have similar costs.
Gill
Cost basis is redundant. One has a basis in an investment |
One advises and gives advice |
One should follow the principle of investing one's principal
- RickBoglehead
- Posts: 7877
- Joined: Wed Feb 14, 2018 8:10 am
- Location: In a house
Re: Recommendations for Umbrella Insurance?
As stated by many, you can't compare insurance costs. Different risks, different states, different insurance scores, different lifestyles...
Two residences, two cars, boat, no kids - net cost after annual dividend works out to $150 per $1 million of coverage. I expect a decrease this year with removal of one of the residences.
Two residences, two cars, boat, no kids - net cost after annual dividend works out to $150 per $1 million of coverage. I expect a decrease this year with removal of one of the residences.
Avid user of forums on variety of interests-financial, home brewing, F-150, EV, home repair, etc. Enjoy learning & passing on knowledge. It's PRINCIPAL, not PRINCIPLE. I ADVISE you to seek ADVICE.
-
- Posts: 131
- Joined: Sat Dec 26, 2020 9:00 am
Re: Recommendations for Umbrella Insurance?
I pay $330 for 3M in PA
-
- Posts: 3937
- Joined: Thu Jun 25, 2009 12:50 am
- Location: Vancouver WA
Re: Recommendations for Umbrella Insurance?
Got mine through Costco. I have homeowners, auto, and umbrella all bundled with American Family which provides the Costco-branded insurance.
I think I'm paying $504/year for $2 million umbrella policy. I have two teenage drivers so that may be affecting the rates somewhat. This is for Washington State.
I did a tiny bit of comparison shopping then just went with Costco when all the rates looked pretty similar.
I think I'm paying $504/year for $2 million umbrella policy. I have two teenage drivers so that may be affecting the rates somewhat. This is for Washington State.
I did a tiny bit of comparison shopping then just went with Costco when all the rates looked pretty similar.
Re: Recommendations for Umbrella Insurance?
have just increased coverage from 1 M to 2 M and premium is $635 - own 2 rentals, secondary residence, primary and 4 cars, no young drivers or pool, etc. Geico said 3 M would be $924.
don't know where else to get a quote, doubt if much cheaper. was paying $385 for 1 m (they just increased it from $365- asked why and was told "you are another year older"
don't know where else to get a quote, doubt if much cheaper. was paying $385 for 1 m (they just increased it from $365- asked why and was told "you are another year older"
Re: Recommendations for Umbrella Insurance?
Make sure you consider the total cost of insurance, there may be a possible cost optimization. When I got my umbrella policy, raising the coverage limits on the auto insurance resulted in a lower overall premium for auto+umbrella.
-
- Posts: 307
- Joined: Fri Aug 07, 2020 1:35 pm
Re: Recommendations for Umbrella Insurance?
My Umbrella is Geico. $1,100 coverage 5M. Helps me sleep soundly at night.
-
- Posts: 131
- Joined: Sat Dec 26, 2020 9:00 am
Re: Recommendations for Umbrella Insurance?
I have Erie for homeowners, auto & life. Added a 3MM umbrella policy for $338/year.
Re: Recommendations for Umbrella Insurance?
This thread is now in the Personal Finance (Not Investing) forum (insurance).
Bear in mind that premiums vary by state and the risk you present to the insurer. See: How Umbrella Insurance Works
As noted earlier, a general survey asking what members pay for their own location and risk profile may not answer the OP's question.
Bear in mind that premiums vary by state and the risk you present to the insurer. See: How Umbrella Insurance Works
As noted earlier, a general survey asking what members pay for their own location and risk profile may not answer the OP's question.
Re: Recommendations for Umbrella Insurance?
West coast of Fl, no children, USAA, $1300 for $5M. Not sure if it’s fair never really shopped it around.Barefootgirl wrote: ↑Thu May 06, 2021 7:36 am Planning to shop for a policy. I have no idea what would be considered a fair price for a policy in 2021.
If you don't mind sharing - how much you pay, how much your coverage is and who your insurer is?
Thank you.
Re: Recommendations for Umbrella Insurance?
Home/Auto/Umbrella through Hanover. $2M coverage @ $454/yearBarefootgirl wrote: ↑Thu May 06, 2021 7:36 am Planning to shop for a policy. I have no idea what would be considered a fair price for a policy in 2021.
If you don't mind sharing - how much you pay, how much your coverage is and who your insurer is?
Thank you.
Vanguard/Fidelity | 76% US Stock | 16% Int'l Stock | 8% Cash
Re: Recommendations for Umbrella Insurance?
$5 million policy at annual cost of ~ $800. It’s just my wife and I.
Real Knowledge Comes Only From Experience
Re: Recommendations for Umbrella Insurance?
$5 million for $950/yr from USAA via RLI. Three homes (one full rental and one vacay rental), biting dog, etc. No kids or watercraft.
BH Consumer FAQ: |
Car? Used Toyota, Lexus or Miata. |
House? 20% down and 3x salary. |
Vacation house? No. |
Umbrella? $1 million. |
Goods? Costco.