Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I'm on the coast in Central Florida. Not a real high cost of living area historically, but it's starting to be.
Well, hopefully it is still manageable.
I recently gambled and sold my large no-mortgage home in rural VA and moved to a suburban apartment in NC. My net worth doubled with the sale of the house ( and all the proceeds put into 5% accounts ) and so my taxable income has also increased. Even so, the net income is much larger and the difference goes into savings. The gamble is that rents here won't rise that much compared with my income.
Right now I can live comfortably on about a third of my income.
Just saw the quote for renewing my umbrella policy (with RLI Corp), it's an increase of over 40% from last year. I expected it with home insurance, car insurance wasn't that bad, this seems excessive.
Has anyone else renewed yet this year that can share what their premiums are looking like compared to last year?
Just wondering what people are paying for umbrella insurance. Mine this year is $16.50 per month, for $2 million coverage.
$520 per year for $2 million in coverage. I wouldn't call it a bargain---I need to look around and find a rate closer to yours. Some good shopping on your part.
Wow. I checked $5m for me, would be $432 a year. I guess location really does matter. Or maybe ( also ) the umbrella coverage is on top of other coverage you have. My auto insurance provide $1m coverage.
I can believe the high rates in NYC. When I lived up there ( near NYC ) in the 70s even auto insurance was unaffordable for many people.
I knew that cost of living varies a great deal. I just didn't realize how much non-property insurance rates could vary. While living in rural VA my home insurance rates were steadily climbing, even though my taxes were pretty much even.
Before that I lived in NOVA. When I retired I headed south to a low cost of living area.
Interesting---you have a $1,000,000 in liability on your Auto? I have to carry $300K liability on my auto to qualify for the umbrella policy. I wonder if you are, in effect, paying more for your auto than I do, but less for the umbrella than I do. Would be interesting to look at auto insurance + umbrella to see how the total premiums compare. Obviously that is a bit harder because there are so many other variables and options for auto coverage.
Interesting---you have a $1,000,000 in liability on your Auto? I have to carry $300K liability on my auto to qualify for the umbrella policy. I wonder if you are, in effect, paying more for your auto than I do, but less for the umbrella than I do. Would be interesting to look at auto insurance + umbrella to see how the total premiums compare. Obviously that is a bit harder because there are so many other variables and options for auto coverage.
That's a great point, I'm at $300k on auto as well.
Interesting---you have a $1,000,000 in liability on your Auto? I have to carry $300K liability on my auto to qualify for the umbrella policy. I wonder if you are, in effect, paying more for your auto than I do, but less for the umbrella than I do. Would be interesting to look at auto insurance + umbrella to see how the total premiums compare. Obviously that is a bit harder because there are so many other variables and options for auto coverage.
I suspect you are right. I am with USAA. To get the umbrella quote I had to go through a checklist, including confirming coverage for the automobile.
My renter's policy is $6.71 per month. $300k liability. My previous ( homeowner's policy was $210 per month ) ( on a home appraised at $650k ).
My auto policy is $115.30 per month. $1m per person, $1m per accident. $1k deductible. This is for a brand new 2023 Ford Bronco Sport.
The umbrella is $16.50 per month. $2m in coverage.
I do get some pretty large discounts with USAA. Have been a member for 53 years.
Last edited by Upminster-1; 01-23-2024 at 04:00 PM..
I suspect you are right. I am with USAA. To get the umbrella quote I had to go through a checklist, including confirming coverage for the automobile.
My renter's policy is $6.71 per month. $300k liability. My previous ( homeowner's policy was $210 per month ) on a home appraised at $650k ).
My auto policy is $115.30 per month. $1m per person, $1m per accident. $1k deductible. This is for a brand new 2023 Ford Bronco Sport.
The umbrella is $16.50 per month. $2m in coverage.
I do get some pretty large discounts with USAA. Have been a member for 53 years.
Interesting again.
I too am with USAA. We have homeowners, auto, and umbrella with them. For simplicity, forget about my homeowners and your renters policy. I have an 2 cars and they are older than yours (2012 and 2019), but we pay about $860 per year for coverage---so about $430 per car.
So we pay $430 auto + $520 umbrella = $950 total
You pay $1300 auto + $180 umbrella = $1480 total.
The numbers are closer in total, but there are so many factors---like you have a newer/nicer car, or deductibles might be different, etc. Hard to make an apples to apples comparison.
I too am with USAA. We have homeowners, auto, and umbrella with them. For simplicity, forget about my homeowners and your renters policy. I have an 2 cars and they are older than yours (2012 and 2019), but we pay about $860 per year for coverage---so about $430 per car.
So we pay $430 auto + $520 umbrella = $950 total
You pay $1300 auto + $180 umbrella = $1480 total.
The numbers are closer in total, but there are so many factors---like you have a newer/nicer car, or deductibles might be different, etc. Hard to make an apples to apples comparison.
Indeed. Thanks for sharing that. You are right again, but it does suggest to me ( 1 ) that the umbrella price is likely tied to the auto coverage to some extent and ( 2 ) suburban Raleigh is more expensive car-wise than where I lived before in rural Virginia, even without the new car. Up there I also had two vehicles. Sold the pickup truck and traded the van in on the new car when I moved here.
Here the big threat is other drivers and there are lots of them. Up there the biggest threat was trees crashing into cars.
In any event, thanks to the OP for starting this thread. That is what prompted me to get the umbrella policy.
I pay $198 for $2 million. I'd wanted $3 million outright (up from the earlier $1 million) but Erie Insurance approved $2 million on the umbrella then $1 million on the auto raising the auto premium by some $. Current auto is $1,000 for an older car. What's going up sharply is homeowners, even though MD doesn't get many natural disasters.
we pay 2300 a year for auto on a 2023 lexus rx500h which is an 80k vehicle with two drivers …we have 300k in a coverage
a 1 million dollar umbrella is 693 and 387 for renters insurance
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
