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Umbrella Insurance

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  • Umbrella Insurance

    Hey everyone,

    I've gradually gotten our financial house in order and am preparing for my wife to finish residency and for me to move from academic to private practice. I'm figuring out the retirement accounts as we move into our new positions but wanted some help with the insurance aspect.

    So far we have:

    Both have disability insurance

    Both have malpractice insurance

    Both have health insurance

    I have life insurance


    My question is - how do I go about pricing and buying umbrella insurance? Who are the major players? Should I go through an agent?





  • #2
    Just call who handles your home or auto insurance, ask them for the coverage.  If you want to shop around you can but a number of carriers won't let you buy Umbrella unless they also have the items they are covering you for....home/auto/vacation homes/etc insured.
    Scott Nelson-Archer, CLU, ChFC
    281-770-8080 Direct / [email protected]


    • #3
      Are all the rates between companies similarly competitive, just like for life insurance? Or in your experience are certain companies cheaper for umbrella/renters/auto insurance combo?


      • #4
        I've always just bought the umbrella policy from whoever does my homeowners insurance.  Its inexpensive...about $150 annual premium for $1 mill of liability coverage.


        • #5
          The biggest difference in coverage I found when getting the pricing on umbrella insurance was whether it included coverage for uninsured and under-insured motorists.


          • #6
            The umbrella policy expands the coverage offered by your home or auto policy. You can purchase this policy for coverage of up to five million dollars. Moreover, the premium is very low and you may have to pay just $300 to $400 a year for this coverage. Learn more about umbrella insurance here at trustedchoice, investopedia, or
            Check out your state's minimum insurance requirements. When deciding how much coverage you need, make sure you're covered for an amount equal to the total value of your assets. To keep premiums low, choose collision coverage with a high deductible, and plan to pay routine repair costs with your own money.