Why aren't you using a broker?

They can shop way more efficiently than you can.

That's probably what I will do when I decide to shop. It's just too much of a time suck to do it myself.

Question, at what point is my child no longer my liability?

At 18? As long as they're on my insurance? As long as they are a dependent on taxes?

I promised mine that I'd get him through college. It's what my parents did for me.

From a legal perspective, I would think as long as he's on your insurance policy, any claims are your responsibility. You could always make him pay you back, but the insurance company is dealing with you (this is my logic for keeping the umbrella policy as long as he is on my auto).

I'd certainly like to know if this logic is wrong.

Bumping this thread because I just got my renewal and it's $805!

That's almost a 4x increase in 5 years!

Is anyone else seeing these types on increases on umbrella policies?

Mines been within 10% of the prior year price YOY for the last 5 years. It's pretty close to the rate of inflation most years. We're under $300 for a 1M limit.

TXTransplant said:

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Bumping this thread because I just got my renewal and it's $805!

That's almost a 4x increase in 5 years!

Is anyone else seeing these types on increases on umbrella policies?

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We pay $837 for $5M in coverage so ours has gone up but we've also increased coverage along the way as well.

Mine is only $1MM.

TXTransplant said:

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Mine is only $1MM.

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I would get a broker. We've used one for several years now. It's a very easy button to push.

My BFs neighbor is one. Already texted him to ask for a quote.

I was just gobsmacked when I opened the email. My auto renewal should come in a few weeks. Now I'm dreading that.

Insurance is killing me.

We just paid $270 for 1MM with RLI.

TXTransplant said:

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My BFs neighbor is one. Already texted him to ask for a quote.

I was just gobsmacked when I opened the email. My auto renewal should come in a few weeks. Now I'm dreading that.

Insurance is killing me.

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Yeah, we added flood this last year. Yikes.

The Pilot said:

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We just paid $270 for 1MM with RLI.

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Is that a stand alone policy or is it tied to your auto?

stand alone. Have Allstate for home/auto.

We're in the $250-270 range too via progressive.

They've made the "optional" policies so expensive in Texas, that it's no longer an insignificant expense. Last I checked, it was over $1K in my area.

Seems to defeat the purpose of the optional coverage. You want the price low enough that you get a large pool of buyers (especially lower risk). What you get now is adverse selection. Similar to individual health policies.

I'm finding that more and more the largest percentage increases are on the lower cost-policies. So, I think they are trying to use them as a way to make up revenue.

$805 is still "relatively" inexpensive compared to what I'm trying to cover. I'm sure State Farm assumes I can afford it (and I can). But that's not the point. A 4x increase in 5 years is unacceptable.

FEMA was doing the same things to the lowest cost flood insurance policies. Double digit percent increases every year. Mine was still "only" in the $500 range when I cancelled it, but I saw where that was going.

But I see it on my health insurance, too. I'm on an HDHP. Since I switched to that maybe 6 or 8 years ago, my premiums have gone from $0 to about $60/month. We always have the highest percent increase to our premiums every year, too. A 10% increase may only be $5-$6, but it annoys me that the more expensive plans get a lower percent increase (presumably because they are already expensive).

Dang, my $1mm umbrella from USAA is about $17/month.

Passengers in your car and injured or worse could lead to lawsuits
Someone enters your home trips and falls and is seriously injured or worse

OldArmyCT said:

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Dang, my $1mm umbrella from USAA is about $17/month.

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Seems right I paid about $410 for 2 mm from USAA.

$1mm is gonna be $3-$400/year in Texas anymore depending on your exposures. Too many lawyers suing & blue City jurys awarding for every fender bender.

My $1,000,000 umbrella policy paid in full on 5/29/2024 was $280.00 Fort Bend County.

My $1mm policy with Progressive was renewed and paid on 1/20/25 for $267. This was the same price I paid in 2024. 2023 was under $200....

You guys ever notice how 75% of all billboards are now personal injury attorney advertisements? That is a significant part of what is causing this. PI lawyers are hated by almost everyone, including nearly all other lawyers since they tarnish the reputation of the entire profession.

I had that exact conversation with my BF when I was griping about my $805 policy renewal.

I drive from The Woodlands to Clear Lake fairly regularly. Nearly every billboard between here and there both directions is a personal injury attorney.

I was wondering if more people getting these policies is causing more people/attorneys to file claims, which would drive the cost up.

I'd be interested to see the trends in number of umbrella policies vs number of claims against them over the past 10 years.

I would guess the real money for the ambulance chasers involve truck accidents with commercial insurance, so doubt that umbrella has much to do with it.

topher06 said:

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You guys ever notice how 75% of all billboards are now personal injury attorney advertisements? That is a significant part of what is causing this. PI lawyers are hated by almost everyone, including nearly all other lawyers since they tarnish the reputation of the entire profession.

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Pretty much every billboard in Corpus Christi is Thomas J Henry or the guy with the 4s. TJH started in Corpus. He's currently building a home on Ocean Drive and has a large sign out front announcing the future home of Thomas J Henry. lol.

he's an interesting character for sure. He spent like $6M for his daughter's quinceanera

That's great - I never thought to announce my arrival on a home purchase... been living my life all wrong.

It is also good to have some people on your team if something goes bad. Umbrella provides more people on your team. They may not care, but most likely if the pain falls within their area, they will help.

Just like companies that still carry debt when they rake in cash. After the cash is gone, the bank debt holder can get really serious to help you. Also, if the bank stands to lose billions, giving you a few hundred million more to try and survive is something they will probably do.