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Umbrella policy cost?

Old 06-03-2019, 05:22 AM
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Default Umbrella policy cost?

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.
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Old 06-03-2019, 05:27 AM
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I would shop all your insurance every 3 years at a minimum.

I‘M paying less for $2mil than you would be for $1m
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Old 06-03-2019, 05:34 AM
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I just renewed mine last week, $380 for 1 mil from MetLife
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Old 06-03-2019, 05:34 AM
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As a point of reference I have a 2 million dollar policy with USAA and it's sub $300.
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Old 06-03-2019, 05:37 AM
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My $3/$1 runs $491/year.
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Old 06-03-2019, 05:43 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.
Umbrella policies usually kick in after the amount of liability coverage you have on your home. So ask your broker how much it would be to raise your home liability insurance and see if that changes the umbrella pricing more than the cost of raising you home liability. Basically your home liability is your deductible on your umbrella policy and the higher the deductible the lower the premiums. Hope this helps.
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Old 06-03-2019, 05:44 AM
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Mine went way down when I got my son off my car insurance.
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Old 06-03-2019, 05:47 AM
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Originally Posted by onemoreokie View Post
As a point of reference I have a 2 million dollar policy with USAA and it's sub $300.
I am calling up USAA to get a quote, the one I got else where is $1,600.
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Old 06-03-2019, 05:49 AM
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I have a $4M policy with USAA that was just under $500/yr. I added a 3rd vehicle last year (out of state...72 y.o. mom drives) and it jumped up to $750/yr.

My guess is that the 16 y.o. driver is killing it.
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Old 06-03-2019, 05:54 AM
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Apparently you need to be affiliated with the military to get USAA insurance.
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Old 06-03-2019, 06:00 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.
I'm with State Farm, and carry 1 million. $272/year. Have your agent break down what portion of that quote is the policy, and what portion of it is adjustment of your other limits, aka "Maintaining Required Underlying Insurance". State Farm, and most insurers, do require fairly high liability limits on your other policies as a condition of writing an umbrella. For instance on my vehicles liability limits are 250K per person, 500K per accident. This includes 2 cars, a boat, and a 20 year old golf cart. This is a good bit higher than the default coverage amounts. My gut feeling is this, combined with a 16 year old driver are running it up. My parents experienced similar when we were teen drivers.

Edit to add. Also check out your deductibles. You can save quite a bit of money by running $1000 deductibles on your vehicles, and discussing with them a reasonably high homeowners deductible. There was a big savings to be had for us moving vehicles from $500 to $1000, and the house from .5% to 1%.

Last edited by autobaun70; 06-03-2019 at 06:05 AM.
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Old 06-03-2019, 09:10 AM
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All of these policies require you to have your car coverage with them correct?
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Old 06-03-2019, 09:15 AM
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Originally Posted by tdk72 View Post
Apparently you need to be affiliated with the military to get USAA insurance.
If either of your parents are retired military you can get USAA coverage as well.

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Old 06-03-2019, 09:24 AM
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Hard to compare costs, because RISK is the primary driver. WHERE your house is impacts that cost, which impacts the umbrella. WHAT you drive (plus boat), and WHO drives it also impacts the cost, as does deductible.

A 16 year old driver should raise the cost maybe 25%.

I pay $400 for $3 million in coverage with AMICA.

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Old 06-03-2019, 09:30 AM
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Originally Posted by JAGSARE1 View Post
All of these policies require you to have your car coverage with them correct?
Very likely. I had everything (house, rental property, two cars) but boat insured with USAA. While they issued my umbrella policy with the boat insured through Boat US, that seemed to be an error they didn’t catch. They said months later that for umbrella policy to renew the next year I would need to move the boat policy over to their marine insurance which is run by Progressive.
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Old 06-03-2019, 10:24 AM
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Originally Posted by rickboat View Post
Hard to compare costs, because RISK is the primary driver. WHERE your house is impacts that cost, which impacts the umbrella. WHAT you drive (plus boat), and WHO drives it also impacts the cost, as does deductible.
.
This

I carry high limits on my auto and homeowners and a $2 million umbrella. Mine is less than $500 yrs, seems like 441 if I am correct

The thing that affects it is what all you have, my agent had to list my house, office bldg(in my name personally ) , all 3 of our personal vehicles, atv/sxs, golf cart, boat and our vacation home as well

Just 2 of us listed, no TEEN DRIVERS.

All based on risk
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Old 06-03-2019, 10:36 AM
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Originally Posted by autobaun70 View Post

Edit to add. Also check out your deductibles. You can save quite a bit of money by running $1000 deductibles on your vehicles, and discussing with them a reasonably high homeowners deductible. There was a big savings to be had for us moving vehicles from $500 to $1000, and the house from .5% to 1%.
Ditto. Allstate, two homes, two vehicles, two boats... 1 mil UP at lake house, $150. At home, $145. Kids not on car policy... yet. I'm dreading that.

I'm former USMC and have yet to find USAA beat Allstate when pricing out identical policies with them. Weird.
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Old 06-03-2019, 03:02 PM
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WTF, I just called. 700 bucks for 1M, and they want 300k on each home and auto plus both home and auto insured under them (met life). Same rate from progressive where I already have auto. Own Two homes, one with a pool, asked if I had any ATV’s or boats. (36ft w 900hp) Guess that’s what screwed me

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Old 06-03-2019, 03:34 PM
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Originally Posted by 3.5_rings View Post


Very likely. I had everything (house, rental property, two cars) but boat insured with USAA. While they issued my umbrella policy with the boat insured through Boat US, that seemed to be an error they didn’t catch. They said months later that for umbrella policy to renew the next year I would need to move the boat policy over to their marine insurance which is run by Progressive.
Markel now services USAA members for boat insurance.
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Old 06-03-2019, 05:16 PM
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Originally Posted by bjm9818 View Post
I would shop all your insurance every 3 years at a minimum.

I‘M paying less for $2mil than you would be for $1m
Excellent advice. I was with USAA for 20+ years for home, rental property and auto. Saved over $3k/year by shopping. They had been jacking up my rates over the years and had no plausible explantation as to why. Had zero accidents, tickets, homeowner claims. Needless to say, they have none of my business now.
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