Got a Quote from USAA on a $1M Umbrella policy and a $2M, they both seem high.

$557 and $998, internet says it should be about $200 per million.

anyone know what the going rate is these days?

I just paid $119 per million, from State Farm, of all places. I think the first million is by far the most expensive though, as they have to cover billing/administrative costs, and things that don't vary with amount of coverage.

What are the underlying exposures/policies and # of drivers, any youthful? What is your auto accident history? Some carriers rate upon exposures, some upon loss history. That's on the higher end, but if you have a house or 2, auto policy with 3 cars, a boat policy that's not out of the question.

Travelers base $1M umbrella for a house a 2 cars/drivers is about $176.

Just moved from 1 to 2 mil for 4 hundred something. Prices same with Amica and clear choice auto.

I do have 4 drivers about to have 5…oof

No accidents so far, knock on wood.

State farm.. I am paying $148 per million

We are at $127 per million just to reinforce the theme here.

My USAA policy is $409 for $2MM coverage. Primary house and rental and 2 cars/2drivers.

Ours from USLI covers several rental properties in addition to our personal stuff & is around $900-something. I try to put those numbers out of my head.

do you all have your umbrella policies through your primary insurer or did you by ala carte?

It has to be done with auto insurance is my understanding

Personal umbrella.com sells it individually and has been reasonable. I did bundle this year with Allstate and saved a lot though.

Amica would not keep my umbrella only when I moved auto to another carrier (already have home with a 3rd).

We pay $164 per million for $5MM coverage. We have a pool, with a diving board, and a large yard and newly minted teenager (son).

If you have kids and a pool, I would have at least $2MM if not $3MM, depending on your level of exposed assets.

edit, read it as $164 total, nm

$488/mill state farm

cars, kidsx4, boat, seadoos, pool, lake, etc

BO297 said:

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Personal umbrella.com sells it individually and has been reasonable. I did bundle this year with Allstate and saved a lot though.

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All I see on www.personalumbrella.com is them selling to other insurance brokers as a pass-through. I don't see any way for me as an individual to buy a policy directly from them. What am I missing here?

Also, some of you people quoting extremely low rates, I believe are just quoting increased liability (only) on an auto polity (only). I have that. But I also want a personal umbrella policy that covers me at all times and in all places. My understanding is that product doesn't exist. It has to be tied to an insurance of some property such as a house, car or boat. Also, Allstate made me get a policy on my boat as part of the requirement for their personal umbrella policy.

But here's my problem. I have a lake house that I paid cash for and chose to self-insure the property. That is, I don't have any property insurance policy for this property. If it catches on fire, I will just pay to rebuild whatever I decide out of my own pocket.

However, I'd like to have a personal umbrella type policy that covers me for personal liability (only). For example, if we invite friends over and their kid falls off the bulkhead into the lake and drowns. Suppose they get a lawyer and sue me for some trip-hazard on my bulkhead. It could be a BS claim or not, but with no homeowner' policy on this property, I am personally sued. Can I get some personal/umbrella policy that covers me for this as personal liability only, without covering the property itself for property damage? If anyone says, "yes" please provide a company and contact for that.

Additionally, suppose I'm on vacation rock climbing and knock a rock loose that falls and injures someone. I'm not at any one of my personal properties that is covered in the umbrella policy. Is there a policy out there that will cover me for this liability? That is, can I have a personal policy that will cover me for all accidental (not intentional) liability things like this wherever I go? Again, if you say "yes there is" please provide the contact phone number for person who will write such a policy.

Thanks.

Is the lake house the only home you own or do you have another "primary" home with a homeowners policy?

Let's throw the lake house out initially.

An umbrella does follow you - on a vacation overseas, to the grocery store, etc...

Some carriers will extend liability from your primary to your secondary. However, to buy an umbrella you still must have an underlying property policy.

Win At Life said:

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Also, some of you people quoting extremely low rates, I believe are just quoting increased liability (only) on an auto polity (only). I have that.

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Since it looks like I have the lowest rates so far on this thread (a surprise, actually), I'll respond.

I have auto and home with State Farm. I did have to increase my regular auto liability limits when I first got umbrella coverage about 15-20 years ago. I increased umbrella coverage when we bought a home with a pool, and now have increased it to $5 million umbrella coverage. By my recollection, the first million probably was around $225/year or so, and each subsequent million added was significantly cheaper.

We have a relatively high-dollar home and cars, but other than the pool, have no other big risk items (boats, planes, motorcycles, etc.). I have also had State Farm (bundled) for well over 30 years, with a grand total of one claim (minor hail damage to a car) in the whole time period (knock on wood!). Therefore, I'd have to imagine I'm in their best risk classification. That's the only things I can think of that cause my rates to be so low.

As to what's covered or excluded, I'd have to check my policy (thanks for the instigation!), but I believe it's broader than just things that occur at my home or involving my autos. Good topic for us to all discuss with our insurance agents!

can't you do comprehensive personal liability through USLI and then add an umbrella? No property policy needed.

Good question, and I don't know the answer. Rarely, if ever, do I use USLI

East Dallas Ag said:

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Is the lake house the only home you own or do you have another "primary" home with a homeowners policy?

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I have another primary home with auto, boat and umbrella through Allstate.

I have a second personal vacation home (not rented out) that is covered under a separate insurance policy (Allstate was ridiculous for this), so it's not under the umbrella, but has a little higher liability of it's own.

The waterfront home is a 3rd home (yeah, humble brag, I know), that has no insurance policy whatsoever, and I don't want one for the structure itself.

My Allstate rep told me their umbrella policy would not cover me (personally) while I'm at this 3rd home even as part of the umbrella for personal liability (that is, it only covers me for things that are covered by Allstate and nowhere else). That is, it also doesn't cover me when I'm away from all these properties somewhere else. Some responses here say an umbrellas does cover you away from the covered properties. Is my Allstate rep mistaken about this? Yeah, should read the policy, but they deliberately lawyer those up so you can't understand them.

Win At Life said:

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East Dallas Ag said:

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Is the lake house the only home you own or do you have another "primary" home with a homeowners policy?

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I have another primary home with auto, boat and umbrella through Allstate.

I have a second personal vacation home (not rented out) that is covered under a separate insurance policy (Allstate was ridiculous for this), so it's not under the umbrella, but has a little higher liability of it's own.

The waterfront home is a 3rd home (yeah, humble brag, I know), that has no insurance policy whatsoever, and I don't want one for the structure itself.

My Allstate rep told me their umbrella policy would not cover me (personally) while I'm at this 3rd home even as part of the umbrella for personal liability (that is, it only covers me for things that are covered by Allstate and nowhere else). That is, it also doesn't cover me when I'm away from all these properties somewhere else. Some responses here say an umbrellas does cover you away from the covered properties. Is my Allstate rep mistaken about this? Yeah, should read the policy, but they deliberately lawyer those up so you can't understand them.

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Interesting. Curious on responses because I don't know the answer and we own two homes. We have an Umbrella bundled with our primary home and auto policies via Encompass.

Our second home is waterfront and under a separate policy with no umbrella. Now you have me wondering if my umbrella tied to primary covers me at secondary?

Well, now you all have me thinking a bit more. I have some raw land in a development in the Hill Country. I have always assumed the risk is minute (no structures on the land), but I guess someone could get bitten by a snake, or slip/fall and sue me. I wonder if this is covered by my umbrella policy?

We need an umbrella expert to weigh in, and maybe earn some business!

I do use a broker. Maybe that's why I was able to use this company. Not sure.

I bleed maroon said:

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Well, now you all have me thinking a bit more. I have some raw land in a development in the Hill Country. I have always assumed the risk is minute (no structures on the land), but I guess someone could get bitten by a snake, or slip/fall and sue me. I wonder if this is covered by my umbrella policy?

We need an umbrella expert to weigh in, and maybe earn some business!

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Yeah, I had some land a while back I was considering building on. We walked it with one lady from a builder and got back there where the home was supposed to be built (not cleared yet). we were standing on a big, downed log to see around when the lady slipped and fell. That got me thinking that I had no insurance policy on the lot. She didn't get hurt and probably would have used her company policy if she did, but that got me to thinking about these kind of things.

Some true insurance guys can weigh in, but the liability needs to attach to a known property in order to be insurable.

For instance, they cannot insure you personally with no property or at least a defined set of property in order to figure out an insurability and rate - so fka ftc umbrella policy may cover me and family renting a jet ski (sort of gray area) or cover us driving our own vehicles, pool parties at the house etc.

But if fka ftc decides he wants to be an airline pilot for a day and steal a passenger plane, the umbrella is not going to cover my personal actions. Same if I beat up a dad at the little league field.

Be clear about the risk you are covering and an answer awaits. An umbrella with no underlying property is technically not insurable under an excess (logic says, insurance guys would know for sure).

Interesting to hear about the cost on a per million basis. When I inquired a few months ago I was told that it was a linear rate for every additional million you added. It didn't get cheaper. This is with State Farm.

Daytona22 said:

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Interesting to hear about the cost on a per million basis. When I inquired a few months ago I was told that it was a linear rate for every additional million you added. It didn't get cheaper. This is with State Farm.

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Use a broker and avoid the lies.

Insurance is a commodity.

This could not be further from the truth, insurance is most definitely not a commodity.

East Dallas Ag said:

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This could not be further from the truth, insurance is most definitely not a commodity.

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If we are talking about the core insurance products that everyone is referring to (Term Life, Home, Auto, and Umbrella), then yes they are.

Nope they aren't. But what do I know, I do it for a living.