The Money Mustache Community
Learning, Sharing, and Teaching => Ask a Mustachian => Topic started by: frugaliknowit on August 27, 2019, 09:55:45 AM
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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!
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FWIW, the quoted rate is more than I pay but less than my parents are paying. I think its very state dependent.
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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.
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A stand-alone policy will be more because you don’t have any primary layer. Now you could argue you are less of a risk not owning a home or car but it doesn’t make up for the umbrella policy paying first dollar and above in a stand alone situation. I think it’s 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 you’re smart getting a policy.
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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.