What company do you use for umbrella?

[Soskfi]

What company do you use for umbrella insurance?

 

I'm looking to get a $2million umbrella policy and here are the price quotes from my auto insurer and home insurer:

Auto-owners: $549 per year

State Farm: $616 per year

 

Seems a little steep.  Where do y'all get these $200-300/year policies I keep hearing about on the forumsphere??

I'm in Florida if that impacts it at all.  I'm open to changing all my insurance over to another company to get a better deal.

Thanks!

[VagabondMD]

I prefer the Burberry umbrella.

It's only $325:

http://www.bergdorfgoodman.com/Burberry-Regent-Walking-Umbrella-Camel/prod124330004/p.prod?ecid=BGCS__GooglePLA&utm_medium=CSE&utm_source=BGCS__GooglePLA

[TheGipper]

A lot depends on what it is covering above. My umbrella covers over limits of auto, home, and two rental properties.

I pay $418 for 3M. Will prob decrease to 2M this renewal for I hope $300 or less. Def helps to bundle it.

[TheGipper]

Oops. Didn't answer your question. I use Safety Insurance, but I think they are local to MA/NH only.

Side question. I saw some on Big Pockets forum deduct part of their umbrella as an expense on the rental property? Legit? Would be tough to quantify %, but the truth is the main reason I have umbrella is in case of a crazy tenant lawsuit.

[artemis]

I use USAA for my auto, condo, and umbrella insurance.  Bundled, I pay $386.84 for $5M in coverage.

[Degos]

Another question for you all. I'm about to graduate residency and I bought a house.  The homeowner's insurance I purchased has $1,000,000 of personal liability included.  Is there a difference in personal liability from that policy vs what I would get from an umbrella?  With a negative net worth do I need more then $1,000,000?

[ENT Doc]

Ditto on USAA.  Geico didn't save me 15%.

[Antares]

USAA

[artemis]

Degos wrote:

Another question for you all. I’m about to graduate residency and I bought a house.  The homeowner’s insurance I purchased has $1,000,000 of personal liability included.  Is there a difference in personal liability from that policy vs what I would get from an umbrella?  With a negative net worth do I need more then $1,000,000?

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Umbrella insurance also covers incidents that happen away from your home, which your homeowner's insurance liability insurance does not.  Right now you don't need a big umbrella policy - but remember as your assets increase to review the policy and increase it as your net worth goes up.

[High Income Parent]

I use all state. I have home and auto with them as well. I have a million for $259 a year.
For some reason all state beats everyone else in my area. I don't see others using them very often though.

[StuRedman]

We have 2 million from USAA, 177$ per year.  Really happy with USAA.

[Dreamgiver]

I have StateFarm for homeowners, auto and umbrella. Umbrella is $280 for 2 mils.

[Winkleweizen]

I use usaa for auto and umbrella.  Geico for home

[G]

See if you can qualify for USAA--parent in military or parent who had had USAA.  Insurance with USAA is one of those rare things in life that isn't worth shopping around for because your chance of finding a better deal is effectively zero!

[jfoxcpacfp]

TheGipper wrote:

Side question. I saw some on Big Pockets forum deduct part of their umbrella as an expense on the rental property? Legit? Would be tough to quantify %, but the truth is the main reason I have umbrella is in case of a crazy tenant lawsuit.

Click to expand...

If that's your purpose for owning it, then I would deduct accordingly. There are many expense divisions that are subjective. For something this small, just pick a reasonable breakdown and use consistently.