Umbrella Policy...How much are you paying?

Question

Just received a quote for an Umbrella policy, and after doing so became curious how much other investors and spending on theirs. So If you don't mind me asking what are you paying and does it give you piece of mind?

Jason Bott · Answer

This should be segmented into a few categories, first one being Limit of the Umbrella, $1M, $5M, $10M?  Then into the following,

*  Personal Umbrella, which would go over rentals, home, auto, boats, etc

* Commercial Umbrella, only goes over rental properties

Personal Umbrellas minimum premiums for $1M can start at $150, then goes up based on # of autos, homes, boats, etc.

Commercial Umbrellas typically start @ $750-$1200 per $1M depending on the state.  But you can get high limits for very little $.  in the last few months, here are some larger accounts showing how cheap it can get.

$5M - 60 units, $1,200 per year

$10M - 60 units $1,400 per year

$5M 1,006 units $8,500

Don Harris · Answer

@Tariq Bahay lead the way, what was your quote for home much coverage?

Tariq B. · Answer

@Tom S.

@Jd Martin Wow seems like you guys are getting a heck of a deal.

Tariq B. · Answer

That was also a 1mil policy.

Tariq B. · Answer

Hmm Ok then, thank you for all the info guys. @Don Harris I should of stated that. I was quoted a little over 700 a single man with 2 cars and 4 properties (don't have the latest one insured yet). My only thing is it would raise my car insurance 80 bucks a month since I would have to increase coverage.

Russell Brazil · Answer

I think I pay about $700 a year with Geico for $2m in coverage across 3 cars and 7 properties

JD Martin · Answer

$340 with Allstate for 1.5 mil extension, which gives me 2 mil ($500k liability maxes) total insurance. I also have my private stuff (home, car) with them and have been with them for about 20 years so I'm sure that factors into it.

Tom S. · Answer

@Tariq Bahay  I'm paying $518 for a $2M policy with Liberty Mutual.  Also have my home and car insurance with them, so multi policy discount.

Hope that helps!

Tom

Umbrella Policy...How much are you paying?

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