umbrella policy is going up over 50%

[Dan H.]

Property insurance roes have got a lot of press as providers pull out of various markets and prices increase.  Florida is likely the most impacted, but California has also been heavily impacted.

I have not seen anything on umbrella coverage prices increasing significantly.

We currently have a $5M umbrella policy (we have had this level of coverage for many years and would prefer $10M of coverage if it can be purchased as a reasonable cost).  Our current Umbrella insurance provider has stopped insuring vehicles in California.  Their umbrella policy, without the vehicle coverage, dropped $800 (I would rather pay the $800 and have the vehicles covered).  However, we want to keep our vehicles covered by the umbrella policy.  We have started looking for another provider and the coverage is over 50% higher priced than we paid last year (different insurer).  The policy we really want (but covers stuff that was we did not have coverage last year) is $2K higher than what we paid last year (71% increase, almost $4.8k/year).

I used to consider umbrella coverage to not have significant cost, but this seems to no longer to be the case to have umbrella coverage that covers everything.

Have others experienced the same type of increase in cost to their umbrella coverage?  I do recognize that our current provider did not raise their rates significantly, but dropping vehicle coverage is something we do not desire.

[Sam Yin]

Quote from @V.G Jason:

Quote from @Sam Yin:

Quote from @V.G Jason:

You guys have umbrella policies that cover your rentals, and separately your personal stuff? Or just all in one policy? For the one's with rentals, are they in an LLC or under your name?

My umbrella police does not discriminate whether it's in my name, a trust, or an LLC. It does how ever specify personal or investment. They are separate.

I only have an umbrella on my investments... for now. My oldest is 14, so may be I will need one for the vehicles once he starts driving.

NOTE: I got my policy before State Farm pulled out of CA. My most recent apts are not primarily covered by State Farm, although several are. However,  the umbrella does cover ALL the properties,  even the ones that do not have State Farm as the primary.  Any property I own now and in the future that is an investment will be covered.

I'm about to close on some more properties end of this month. As such, I may have to reevaluate and push up the policy closer to 10M. I shudder to think of what they will want to charge me. May be they will be kind enough to just bump it slightly as I am a long time customer. I swapped over from McGraw to State Farm for my motorcycle coverage over 25 years ago and have been using them for everything since.

I would assume the policy would go under what's insured. If you're rental is insured your name versus an LLC, then the policy would be different. I don't think your personal umbrella policy covers your LLC issues, so that was my question.

My umbrella is strictly for my investments as a whole.