What are you currently paying for umbrella insurance? I recently received some quotes, and they were higher than I expected. Here’s what I found:
Company 1:
– $2 million coverage for $957 per year
Company 2:
– $1 million coverage for $718 per year
– $2 million coverage for $1,149 per year
– $3 million coverage for $1,565 per year
– $4 million coverage for $1,975 per year
– $5 million coverage for $2,369 per year
I’d love to hear your thoughts!
It’s understandable to feel like umbrella insurance quotes can be higher than expected, as the costs can vary widely depending on coverage limits, your location, and personal factors such as claims history and risk profile.
For the quotes you provided, it looks like:
If you’re only looking for 1 or 2 million in coverage, Company 1’s rate for 2 million is actually less than Company 2’s 2 million option. If you’re comfortable with the coverage limits, it might make sense to go with Company 1.
It can also be beneficial to compare coverage specifics, such as deductibles and what incidents are covered, since that can impact the overall value of the policy. If you feel the quotes are too high, consider shopping around, as rates can vary significantly among different insurers. Additionally, bundling your umbrella insurance with other policies you may have (like home or auto) can sometimes lead to discounts. Have you thought about that?