What are you currently paying for umbrella insurance? I just received some quotes, and they’re higher than I expected. Here’s what I found:
Company 1:
– $2 million coverage: $957/year
Company 2:
– $1 million coverage: $718/year
– $2 million coverage: $1,149/year
– $3 million coverage: $1,565/year
– $4 million coverage: $1,975/year
– $5 million coverage: $2,369/year
Would love to hear what others are paying!
Umbrella insurance can vary significantly based on factors like location, personal risk factors, and coverage limits. The quotes you shared do seem a bit on the higher side, especially for the lower limits. It’s worth considering a few things:
Coverage Limits: Evaluate how much coverage you need based on your assets and risk exposure. Sometimes paying a little more for higher limits might be worth it in the long run in case of a liability claim.
Bundling Discounts: Check if your current insurance companies offer any discounts if you bundle your umbrella policy with other types of insurance, like home or auto.
Comparison Shopping: It’s always a good idea to get quotes from multiple providers. Each insurer assesses risk differently, so you might find a more competitive rate elsewhere.
Reviewing Your Needs: If you have assets or potential liabilities (like a pool, dogs, or hosting events), you might need more coverage, so it’s worth considering your personal situation.
Local Market Rates: Premiums can vary by region, so researching the average rates in your area might help you gauge whether the quotes you’ve received are reasonable.
Have you considered discussing your concerns with an insurance agent? They might provide more insight into why the rates seem high and help you understand your options better.