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| *Ostroff, Fair and Company>>>Insurance |
How much did u pay for your umbrella? how much are they normally? |
How much did u pay for your umbrella? how much are they normally? There are two types of policies you could be looking at. One is called "excess liability" and the other is a true "umbrella." Excess liability provides additional coverages on top of your underlying liability; this means it only covers exactly what your underlying liability policy covers. A true umbrella policy provides additional coverage on a drop-down basis, which means you have a "retained limit," which works like a deductible for some extra coverages that aren't provided by your underlying liability policies. Prices -- excess liability is cheaper, maybe $125 - 150 per year for $1 million of coverage (one or two houses, one or two cars, no accidents/tickets). Umbrella policies cost a little more, $150-185 per year per million (also one or two houses, one or two cars, no accidents/tickets). This is some of the best coverage you can purchase for yourself. I'd highly recommend a true umbrella policy as there are some good personal liability coverages that will be provided that are ordinarily excluded from your homeowner's policy. If you ever have you use it, it's the best $200 you'll have ever spent. Your local independent agent will be able to help you find a good company. Most likely your auto/home carrier offers this coverage. Good luck!For a personal umbrella, the charge is based on number of residences, number of cars, number of drivers, and driving record. There are sometimes extra charges for pools, horse ownership, etc. The average umbrella policy costs $150 per million - one house, two cars, two drivers. For a commercial umbrella, after 09/11 all the reinsurers raised their rates - and I haven't seen anyone offering it for less than $1,000 per million for the first $5,000,000. Deep discounts for additional million layers. Not to say someone doesn't offer it for less, I just haven't run into it. agent, 20+ years $2 17.00 for a baby phat one and then it broke a couple days later i was so mad now i buy the ones from the dollar store |
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