How much should umbrella insurance cost?

[WorkingToUnwind]

I just called my insurance broker to see about getting set up with umbrella insurance. The policy he quoted was close to $400. Is that how much others are paying? Should we just bite the bullet? Or is that on the high end?

[ATtiny85]

We pay $200 annually for $2 million through USAA. We have all insurance through USAA.

[Blackeagle]

I was just quoted $28/month for $2 million by State Farm.

[srad]

These prices are low, do any of you have rentals?  My 3mil policy is $1200. 

[WorkingToUnwind]

These prices are low, do any of you have rentals?  My 3mil policy is $1200.

I don't have any rentals. What company do you use?

[patchyfacialhair]

It's very much dependent on the count and type of your underlying exposures.

I pay $222/yr for 2 cars, 2 drivers, 1 house, $1MM coverage.

[WorkingToUnwind]

It's very much dependent on the count and type of your underlying exposures.

I pay $222/yr for 2 cars, 2 drivers, 1 house, $1MM coverage.

We're the same, 2 cars, 2 drivers, 1 house, 1MM coverage. Our broker said the policy usually goes with your home owners insurance. But perhaps I can just buy it independently. Just defeats the purpose of the broker.

[Jon Bon]

5 houses, 2 cars, 3 million. 600 bucks.

I don't think the price is really the point here.

[srad]

5 houses, 2 cars, 3 million. 600 bucks.

Jon Bon, Who's your policy with?  I have a few more properties but not double yours.  Maybe its time for me to shop around again, its been a few years.

[WorkingToUnwind]

5 houses, 2 cars, 3 million. 600 bucks.

I don't think the price is really the point here.

I was concerned about overpaying. What do you mean?

[Jon Bon]

5 houses, 2 cars, 3 million. 600 bucks.

Jon Bon, Who's your policy with?  I have a few more properties but not double yours.  Maybe its time for me to shop around again, its been a few years.

I just moved to Cincinnati insurance. I was with Encompass (state farm) they were about $750 bucks.

[Jon Bon]

5 houses, 2 cars, 3 million. 600 bucks.

I don't think the price is really the point here.

I was concerned about overpaying. What do you mean?

Its pennies for the amount of coverage you are getting. This is "sleep well at night insurance" the price is not really that important to me.

I was paying 750 before, I think its under 600 now. It is nice to save $150 a year but its a business expense, so I am less cost sensitive.

[WorkingToUnwind]

5 houses, 2 cars, 3 million. 600 bucks.

I don't think the price is really the point here.

I was concerned about overpaying. What do you mean?

Its pennies for the amount of coverage you are getting. This is "sleep well at night insurance" the price is not really that important to me.

I was paying 750 before, I think its under 600 now. It is nice to save $150 a year but its a business expense, so I am less cost sensitive.

I see. Thanks. It wouldn't be a business expense for us, but it's true that the peace of mind is worth quite a bit.

[lutorm]

Our $2M policy is $400 and change, we just got it this year. 1 car, 2 people, 1 house.

When I said I was a pilot, they pointed out that all aviation-related things are excluded. Are there any pilots on here who have explored higher liability coverage? Typical small airplane policies have $1M liability coverage, and I think I've heard it's hard to get more.

[thedigitalone]

Ours was very high via USAA, about $68/month or $815/year for a $2M policy.

We recently changed carriers after using USAA for 32 years since we have two teenage drivers and USAA was getting too expensive.  The new agency explained that the umbrella has to cover all of the parties on the policy, so the teenagers were driving up the umbrella cost pretty dramatically, not as bad as the auto policy but it made a big difference.

[BlueMR2]

I've been quoted between $700-900/yr for 1mm.  I didn't even bother to ask about higher.  Number of vehicles exceeding number of people in the house is supposedly what jacks that price way up compared to what others are reporting.

[BlueMR2]

Our $2M policy is $400 and change, we just got it this year. 1 car, 2 people, 1 house.

When I said I was a pilot, they pointed out that all aviation-related things are excluded. Are there any pilots on here who have explored higher liability coverage? Typical small airplane policies have $1M liability coverage, and I think I've heard it's hard to get more.

Even experienced pilots with high income will end up with $1M smooth from what I've seen.  If you have less experience it'll be $1M with sublimits.

[clarkfan1979]

I pay $420/year for a 1 million dollar umbrella policy.

[NonprofitER]

We have a $2m policy and several rental properties (7 units) through USAA at about $200/yr.
I'm sure we get a discount b/c our homeowners and rental homes are also all insured through USAA.

[Midwest_Handlebar]

I have multiple rentals and am just under $1k per year for $2M in coverage.

[WorkingToUnwind]

I spoke to my broker and we can do an umbrella policy for $420 that includes uninsured motorist coverage up to 1 million. Or without that it's $280. He pointed out our auto policy already has uninsured motorist coverage but it's just for 250,000/500,000.

[Fomerly known as something]

My $5 million policy (one home, 1 driver, 1 car) is $550 in CA.  I actually got the larger policy because it was super cheap when I lived in MI until last year at less than $300.  I’m might reduce coverage to the $1-2 million range which will drop me down into the $300 range but in the grand scheme of things it’s still super cheap.

[Watchmaker]

I've just been quoted $800 for a 2 MM policy. 2 people, 1 car, 2 buildings.

[Paul der Krake]

$160/year, 1m coverage, 2 drivers, one car. Very high cost of living area.

[srad]

5 houses, 2 cars, 3 million. 600 bucks.

Jon Bon, Who's your policy with?  I have a few more properties but not double yours.  Maybe its time for me to shop around again, its been a few years.

I just moved to Cincinnati insurance. I was with Encompass (state farm) they were about $750 bucks.

I did some shopping yesterday,  Over 4 units is where the bills start to add up, I have 10. 
The local State Farm agent I spoke to said he would put me in a 3 Mill commercial umbrella for $750 a year and a 3 Million Personal Umbrella for $375.  A minimal savings vs the $1262 I'm currently paying.  But I would be able to write off the whole $750 as a business expense, and throw in the MASSIVE savings I'd get on my auto, current is $1923, his policy is $1008.  I'm switching.  I always though I was getting robbed on my very old used and abused 2006 Acura mdx.  $833 was the old policy, $318 is the new.

Thanks for this post OP!  I"m now going to be saving money.
 

[WorkingToUnwind]

5 houses, 2 cars, 3 million. 600 bucks.

Jon Bon, Who's your policy with?  I have a few more properties but not double yours.  Maybe its time for me to shop around again, its been a few years.

I just moved to Cincinnati insurance. I was with Encompass (state farm) they were about $750 bucks.

I did some shopping yesterday,  Over 4 units is where the bills start to add up, I have 10. 
The local State Farm agent I spoke to said he would put me in a 3 Mill commercial umbrella for $750 a year and a 3 Million Personal Umbrella for $375.  A minimal savings vs the $1262 I'm currently paying.  But I would be able to write off the whole $750 as a business expense, and throw in the MASSIVE savings I'd get on my auto, current is $1923, his policy is $1008.  I'm switching.  I always though I was getting robbed on my very old used and abused 2006 Acura mdx.  $833 was the old policy, $318 is the new.

Thanks for this post OP!  I"m now going to be saving money.

Yay!! Glad this helped you get better rates.

[Kayad]

$230/yr, 1mm coverage w/Geico:  2 cars, 2 drivers, 2 rental properties.

[NorthernFire]

Liberty mutual 1 house, 2 cars, 1Million in coverage. $572. Seems high.

[patchyfacialhair]

Liberty mutual 1 house, 2 cars, 1Million in coverage. $572. Seems high.

I find it helps to quote all my policies annually. Unfortunately, in Colorado where I live, many home insurance providers are modifying the contract and essentially reducing the amount of coverage for certain things, like roof damage, due to the increasing frequency of hail storms. So I start with the providers that I think provide equal coverage to what I have now, and quote everything, to include the umbrella. Last couple years I've stuck with my current company, but I'll be checking again in December!