Author Topic: Standalone Umbrella Policy?  (Read 337 times)

frugaliknowit

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Standalone Umbrella Policy?
« on: August 27, 2019, 09:55:45 AM »
Hello Mustachians!

I am a non-car owner looking for a stand alone (not tied to a homeowner's or auto policy) umbrella policy.

So far, I only know of RLI, which has quoted me $477 per year for $1Million.

I would be open to tying it in with a homeowner's policy, but my current AARP/Hartford policy is super competitive (AARP/Hartford only does umbrellas in conjunction with Auto and they do not issue "non-owner" auto insurance).

Thanks in advance for insights!

trollwithamustache

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Re: Standalone Umbrella Policy?
« Reply #1 on: August 27, 2019, 11:03:01 AM »
FWIW, the quoted rate is more than I pay but less than my parents are paying.  I think its very state dependent.

frugaliknowit

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Re: Standalone Umbrella Policy?
« Reply #2 on: August 27, 2019, 02:23:01 PM »
Thanks.  I am hoping to at least find another quote or 2.  My folks who own cars and thus have an auto policy have a much lower incremental cost, which is understandable.

Eurotexan

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Re: Standalone Umbrella Policy?
« Reply #3 on: August 27, 2019, 03:41:34 PM »
A stand-alone policy will be more because you donít have any primary layer. Now you could argue you are less of a risk not owning a home or car but it doesnít make up for the umbrella policy paying first dollar and above in a stand alone situation. I think itís a reasonable quote. I have a policy with Geico, you could try them but I do have an auto policy too. Good Luck, I think youíre smart getting a policy.

frugaliknowit

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Re: Standalone Umbrella Policy?
« Reply #4 on: August 28, 2019, 12:47:56 PM »
Thanks for that insight, Eurotexan!

I own a home and have h/o insurance, but no auto insurance due to no auto owned.

One of the agents I spoke with (one that quoted me H/O, non owner auto, and umbrella together for $1100ish) mentioned that with standalone umbrella and no auto policy, the umbrella will not cover any event related to an automobile....In the absence of an auto policy, I would pay ~$20 per day for $1million liability insurance at the rental counter.