Umbrella policy recommendations

[Linda Thomas]

Hello all,

What is the best way to determine the amount of coverage needed for an umbrella policy. I was quoted the following: should I go w/ the most expensive and most coverage since the 13 homes are not setup in a LLC? will this def cover me god forbid something were to happen? how much coverage does everyone have?

1M $1,470.24/annual

2M $2,454.92/annual

3M $3,195.49/annual

[Zach Scherschel]

Similar to @Bjorn Ahlblad, I have a $3M umbrella over all my assets for ~$800/year through Progressive. I just bundled with where I hold the majority of my policies that are outside of an LLC.

I'd note with @Caroline Gerardo's comment, in most cases to get an Umbrella policy through an insurer that you already have standard coverage through for the properties, you'll need to already have a high quality policy for cost of rebuild, maybe replacement cost of items (depending on price/deductible), etc. So your primary policies should be premium coverages, and then your Umbrella over the top should really just be viewed as the safety net for potential lawsuits.