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Umbrella insurance. Most umbrella policies require you to carry a certain amount of homeowners and auto liability coverage, and then they add additional covera
by bruckie 3y ago
Umbrella insurance.
Most umbrella policies require you to carry a certain amount of homeowners and auto liability coverage, and then they add additional coverage on top of that. It's relatively cheap (hundreds of dollars per year for millions of dollars of coverage).
- whimsicalism 3y agoHundreds? I think most umbrellas would be thousands in a year.
- nrmitchi 3y agoMy umbrella policy is ~240/year (either 1M or 2M coverage; can’t quite remember which). It also scaled fairly linearly.
- seattle_spring 3y agoThey're not. I've been getting many million dollar umbrella insurance every year, as well as quotes from different providers each renewal cycle, and they're consistently in the "few hundred bucks" category for a married couple. I'm also not a super attractive insurance customer, so it likely can be cheaper for others.
- FireBeyond 3y agoDefinitely hundreds, mine is $372/yr for $1M/instance, atop my auto/home coverage (250/500 for the auto). The thing about it is: your risk doesn't change because you have extra coverage. All that actuarial work is priced into your base coverage. In fact, they may even have factored in that people willing to voluntarily buy umbrella coverage are a little less risky than their model predicted.
- astura 3y agoNope. That's not typical. When I originally got my umbrella policy around 10 years ago the cost was about ~$120/year for $2million in coverage. I'm currently paying $183.47/year for $2 million in coverage. Covers myself and my spouse.