Umbrella insurance

[babbles]

One thing I keep forgetting now that I don't have a vehicle temporarily is, not only does my auto insurance increase with the addition of a vehicle but the umbrella premium  also increases!  

[MarkintheHV]

We have everything through State Farm.  Our umbrella (2M) was very easy.  Nice discounts having everything with them

[xenon3030]

I am back to the market again to shop personal umbrella insurance . This time, I definitely will go for a 2M coverage. Let's discuss the PUP (Personal Umbrella Plans) here.

My car insurance plan got increased by 40%. It should be partially due to inflation but not sure the reasons for this extreme rate increase. Anyway, I am shopping both auto and PUP.

PS: I have not received the home insurance note here. The renewal is in 3 months. The home insurance rate increase might be understandable, due to severe wildfires. But if that would be the case, I need to shop this one also.

[GreatLife]

Travelers has good umbrella rates bundled with discounted home & auto. 

[Traveler101]

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@GreatLife wrote:

Travelers constantly extended offers to us for an umbrella policy. When we finally said OK, all was good & super easy until their checklist asked about other properties. They wouldn't umbrella because we owned a vacant duplex even though it was insured by another company. Also to note that standard Travelers won't include or offer flood insurance, but earthquake is an option. We never got to a point of asking if those would differ under umbrella. Perhaps call and inquire if they can assist your needs.

Good Luck

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I found that out the hard way. I had a pump let go and 6" water in entire basement. Entire basement trashed. That was my last day with Traveler's. 

[CorpCrMgr1]

Personally, I believe in shopping any insurance every year.

[GreatLife]

Yes that is exactly true. We couldn't get the umbrella in 2022 due to owning a vacant investment property. Sold it in 2023, no issue this year insuring our home & auto's + umbrella with Travelers. We do have an earthquake addendum but they don't offer flood coverage. Overall our combined savings will be about $750 for 2024. We had switched auto to Erie in 2023 but their 2024 rates increased, which is why I decided to try Travelers again...

[CorpCrMgr1]

@xenon3030 regarding auto insurance. Mine went up about that much and I shopped around then I called my carrier to ask why such a large increase. The rep said that I didn't live close to a collision shop. I told her there was one a few blocks away. She then said I didn't live close to a hospital. I told her there was one less than a mile. She then asked what car I owned. I told her. She then started to check off my safety features. At the end my price came way down for the same coverage and beat the other quotes. Yes, I know the insurance company was trying to pull a fast one. Obviously, the company knew what year, make, and model I insured. Next month I'll shop it again.

[xenon3030]

Thanks @CorpCrMgr1. My car insurance is with Metromile and I need to move to a higher rated provider to be able to qualify for an umbrella policy in California. So, I do not do any negotiation with Metromile.

For car insurance, I will possibly go for Geico or Mercurcy (~$200/m) to max out the car insurance coverage (300k/500k/100k) and will get a $2M PUP policy.

Each quotation needs ~2 weeks of underwriting review. Not sure whether it is a new rule.

[CorpCrMgr1]

@xenon3030 mine is Progressive. Yes, the conversation was idiotic with the rep. Good luck.