Gents, how many of you carry a Umbrella Liability Policy in addition to your regular policies, e.g., Homeowners, Auto, etc. and if so, in what amount of coverage are you carrying?

Also, what is your annual premium for the Umbrella Policy?

I carry a 1 million$ (Apologies to Rocky) Umbrella Policy. My premium just went from 490$/yr. to 695$/yr. and I questioned the amount of increase to my Independent Agent to see why as I already have the maximum liability for Homeowners and Auto.

His answer was that most all have increased across the board but that the purchase of my new duck hunting and fishing camp “in Louisiana “ also contributed to the increase. Louisiana is known as a very litigious state.

I got to thinking about the costs versus exposure and started adding up the inclusions for the Mississippi deer camp, Louisiana camp, UTV, Deer camp Jeep, Homeowners, 2 vehicles, 2 boats, farm equipment use, and several more items of use all covered under the Umbrella Policy and maybe it ain’t a bad deal at all .

Wondering what you guys have and the costs for similar.

#TootToot

Old toot needs some fist camp insurance….

I had an umbrella policy a few years back but dropped it once my kids became adults.

Mine was $1M and it was a premium of $270. I assume that was a year, not sure if they did it in 6 month increments.

but in order to get that rate, I had to up my auto insurance to higher minimums which increased the price of my auto insurance, so any savings I got was negated.

ol toot telling stories again. lol

Insurance premiums are affected by the 'Market'....

The Ins Co's are required to keep a certain amount of cash/assets on hand, as it were.

Often that 'cash' is invested in the market, when the market is gang busters they reduce the premiums, gaining market share....

When the market is not so good premiums go up....



....so I am told

I don’t even own an umbrellas!

I’m not wealthy and important like toots.

Hell yes I do.

I have a 1 million umbrella liability policy that covers auto and home policies. And I added a uninsured motorist clause.
I am not losing my 2 million house in Kailua, Oahu, Hawaii to an accident with an uninsured motorist who sues me. Fthem, make them carry their on insurance.
I don't know what the premiums are, but I will not lose anything.

I have carried umbrella coverage for many years.

The idea came about with owning nippy Dalmatians and having my roofing employees out on my personal residence doing yard and farm projects.

Amongst other lapse in coverage.

I pay about $400 a year

Homeowners, Farm and Ranch, two cars and a truck, atv, concealed carry, and a homeowners. The company I have been with since 1978 started treating me (Mr. No claim) like a cash cow. Went to a local independent and saved 30%. $2000.

Thanks gents for your responses.

The Louisiana duck and fishing camp added 22% to what I paid last year just because but the rest was just simple across the board increases. He did say that costs would most likely be the same and stable for several years pending no big claims.

In talking with the Agent about the Umbrella addition he did mention the Umbrella as being a real plus factor in litigation as far as a defendant showing responsibility towards intent to cover all bases.

Again, thanks for the responses.

That’s a heck of a good rate, Slum.

Papag, my local Independent saved me a bunch of money compared to what I was paying Farm Bureaucrats a few years ago and for better grades of insurance with less deductibles. The total savings paid half of my vehicles insurance costs.

I guess the comparison here could be made with Credit Unions and Banks with Independent Agents versus the big names.

I didn’t think about the concealed carry that you mentioned. I’ll probably regret asking but I’ll ask about that. Thanks for the head jolt.

Yessir. Indeed.
For what uninsured motorists costs you can’t afford not to have it.

Jmo

I carry a 1 million umbrella plus homeowner's, 2 vehicles, dogs. About 2200 a year total. The quote is cheaper with the umbrella policy than without by about $100.

Strange, ain’t it? Multiple discounts maybe?

You did well.

Insurance is my biggest living expense

cars, equip, medical, life, homeowners, fire on investment property

All of our mortgages are paid off so none of that ‘pay on time’ escrow bullchit

Those annual and 6 mos premiums are a real kick in the nuts

Makes me sick knowing mfers rolling around not oaying a dime of any type of insurance. Have to keep uninsured for all of the meth motoristas and mexican drunk drivers here.

Pay it all same time about hits with property and fed tax. JFC

I called my agent about the concealed carry thing. He said that it was presently a non issue and posed no problem or extra cost,,,,as of now.

I have a 1 mil umbrella and also insure 2 houses, 2 cars and have 2 term life policies,
all with the same co. that I've been with for over 20 years.
My umbrella policy is about 1/5 of what yours cost, sorry but I don't have the other toys you do.

I don’t recall the source exactly (maybe Kiplingers) that said on average, nationwide, 62% of the daily costs of living is for insurance and taxes.

All sorts of risks out there for old kooks...

Toys do add up all total for sure.

Umbrellas are a good investment in security for folks who have significant assets. I pushed them in my agent days, but people are pretty ignorant about coverage vs premiums and just wanted the lowest premiums. It bit a few of them who ended up losing almost everything, although they were conventionally insured with standard auto and HO policies with inadequate limits by their choice.

Something I always and still do recommend is carrying high liability coverages. The difference between $100,000 and $1,000,000 coverage is not proportional and at the $1,000,000 limits is a bargain. Most claims are settled for a fraction of that; that's why the high limits cost only a little more.

I have it and it is cheap for what you get. These days someone can be trespassing on your property, stump their toe and sue you for $1,000,000. There is no point in risking what you worked hard for when you can protect it so easily. I don't sell insurance....

That’s my view and add on what luv2safari just said. Sound wisdom.

Will bet you a large amount that there is an exclusion for that and he needs to read up. Never seen one in working with and for more than 15 companies, that would cover you in a ccw situation.

Sadly, most agents don't know their ass from a hole in the ground. They're taught how to sell. You'll find independent agents know more on average. Also, ask for a sample of the policy, read it, and ask questions.

Might know an independent agent quite well. He is in my mirror in the morning.

Very good advice!

I'll wager you know a helluva lot more than a captive agent. I've been both. Being a successful independent requires knowledge. Being a successful captive agent requires advertising.

I started out as captive with state farm. After five years I switched to independent and got my eyes opened in a big way

Good info and I appreciate it, mj.

I probably should have added a question mark at the end the above quote.

My umbrella policy saved me into the six figure range, worth every penny. My wife was hit by a drunk with minimum insurance along with a couple other cars. Months of work, totaled car, lot’s of medical.

My auto insurance was 1/2 mil but it didn’t take long to eat through the medical portion.

There’s another BIG aspect of an Umbrella. Frequently overlooked.