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Umbrella policy cost?

Old 06-03-2019, 05:40 PM
  #21  
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Shop it around. But the young driver is killing your rate.
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Old 06-03-2019, 05:46 PM
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I pay $250 for $1 million.
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Old 06-03-2019, 05:56 PM
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state farm here everything that moved under its own power has to have 250k on it i think 1mil for me was aroung $500 a year
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Old 06-03-2019, 06:55 PM
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remember, you have to list the items you want covered on your umbrella. not on list not covered...I have not had an issue getting coverage on my umbrella for things that have a primary policy with a different ins co,
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Old 06-03-2019, 07:57 PM
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601 for 2
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Old 06-04-2019, 12:09 AM
  #26  
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It's probably not the umbrella itself unless you have a high liability scenario. It's the other policies that have to meet the minimum liability levels.

You dont have to keep all policies at the same place to get umbrella cover. For example, I've had boat with one, house with another and auto and umbrella at the third. They will just verify your liability meets the minimum cover, often 300k.

Shop it around. Sticking with the same company now days does nothing other than leaving you open to slowly creeping up the premium. Frog in boiling water...

for reference I paid $220/ $1M
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Old 06-04-2019, 03:37 AM
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1.5M $530/ yr Geico. No problems yet. Cheap insurance.
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Old 06-04-2019, 04:18 AM
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Originally Posted by crazybeard View Post
It's probably not the umbrella itself unless you have a high liability scenario. It's the other policies that have to meet the minimum liability levels.

You dont have to keep all policies at the same place to get umbrella cover. For example, I've had boat with one, house with another and auto and umbrella at the third. They will just verify your liability meets the minimum cover, often 300k.

Shop it around. Sticking with the same company now days does nothing other than leaving you open to slowly creeping up the premium. Frog in boiling water...

for reference I paid $220/ $1M
exactly this. Get your underlying coverage where it needs to be and price will go down.

Ive got a whole Mess of stuff on mine, many with different carriers, but all with good underlying coverage. Under $800 for 2 million.
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Old 06-04-2019, 05:44 AM
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Make sure when shopping for the umbrella policy that you have them include the UM (Uninsured/Underinsured) provision, most policies will not automatically include it.
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Old 06-04-2019, 06:26 AM
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Originally Posted by LWLoadie View Post
Make sure when shopping for the umbrella policy that you have them include the UM (Uninsured/Underinsured) provision, most policies will not automatically include it.
this is news to me. The umbrella policies I am aware of are for liability only.
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Old 06-04-2019, 06:36 AM
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As an insurance agent take most of this advise and toss it out. Call your agent or another agent and discuss this with them.
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Old 06-04-2019, 06:53 AM
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I'm an agent in NJ, so like fishingfun, I agree.. throw most of this stuff out the window. Some is accurate, some doesn't apply, and some is just wrong. Best advice was to call your agent to discuss.

Obviously knowing next to nothing about you, but I looked at one of my companies umbrella rates. Based on $2M limit, 3 cars, 3 drivers (1 inexperienced), 1 house, 1 boat, I came to $920. This was also based on having high underlying limits ($500K combined limit). That does not include the UM/UIM coverage (didn't feel like digging into the company for that premium).
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Old 06-05-2019, 07:02 AM
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That 16 year old is probably worth 50-60% bump in premium compared to two adult drivers with clean records. While you can shop around, insurers just don't like young drivers.
I have a lot of items (6 cars, 3 boats, 2 jet ski's & 3 houses) on my umbrella, so what I pay would be a lot more than the OP, but in the itemization, my kids with drivers licenses added about $650 each to our $5 million umbrella, which is about 25% of the total premium.
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Old 06-05-2019, 07:11 AM
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Originally Posted by Strike1 View Post
I'm an agent in NJ, so like fishingfun, I agree.. throw most of this stuff out the window. Some is accurate, some doesn't apply, and some is just wrong. Best advice was to call your agent to discuss.

Obviously knowing next to nothing about you, but I looked at one of my companies umbrella rates. Based on $2M limit, 3 cars, 3 drivers (1 inexperienced), 1 house, 1 boat, I came to $920. This was also based on having high underlying limits ($500K combined limit). That does not include the UM/UIM coverage (didn't feel like digging into the company for that premium).
Under this scenario, the $920 is on top of what the insured would pay for coverage on the underlying vehicles, house and boats correct?
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Old 06-05-2019, 08:11 AM
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I have a $1m umbrella policy through State Farm for $156 a year in addition to my homeowners insurance as well as me and my wife’s 2 vehicles.
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Old 06-05-2019, 09:03 AM
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Originally Posted by Osprey 25 View Post
Under this scenario, the $920 is on top of what the insured would pay for coverage on the underlying vehicles, house and boats correct?
Correct.

And the vig for the youthful operator is about $250.
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Old 06-05-2019, 09:35 AM
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Originally Posted by tdk72 View Post
just got a quote from State Farm for 1 mil $689 for 2 mil $1140, seems way high.
I have 3 cars 3 drivers,( 1 is 16), boat and house. All are insured with State Farm
and have been for 20 years. Any ideas on how to save some $, thanks.
depends on your situation. sounds about right.

i know someone that pays about 1/3 of what you do. i'm about 1/2. and i know someone that pays higher than the quotes you got.

i was able to lower my home, auto, and boat limits after i got the umbrella so that saved me some $$$ (although i am guessing some folks have low limits and would have to raise them)

other exposures such as businesses, 2nd homes, rental props, pool, etc can add cost.

i'd also shop around. most won't write umbrella though unless you have at least one of your main policies (house and auto) with them.

i'd also consider bigger picture, how much your assets are worth, etc. for some folks, $5m makes sense. i have a buddy with even more coverage than that too.
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Old 06-05-2019, 09:39 AM
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Originally Posted by tdk72 View Post
Apparently you need to be affiliated with the military to get USAA insurance.
you do not need to be directly affiliated.
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