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 Posted: Tue Jan 31, 2012 12:20 am Post subject: How to cut the cost of Umbrella Liability |
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My insurance costs are spiraling out of control. At least, it seems that way to me.
I have a low-quality 40 year old house, worth probably $120K. I have a 7 year old minivan. My husband prizes his 12 year old Chevy truck. We own two 70's vintage Harleys, that we ride RARELY.
Because we have a swimming pool in our backyard, we have umbrella liability. Because we have umbrella liability, all the "underlying limits" on our homeowners, auto and motorcycle coverages have to be raised up.
What are the implications of NOT having umbrella liability? I need to save money on those underlying limits! I'm paying over $2200 a year for all this insurance, despite never having filed a claim against any of the coverages.
Advice? I know there's a risk to not having umbrella, but I have to wonder what the odds are that I'll ever need it! |
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caramadra
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Joined: 31 Jan 2012
Posts: 1
1.22 Dollars($)
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| Posted: Wed Feb 01, 2012 4:04 pm Post subject: |
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All the policies you own, including coverage for your motorbikes, is under the same umbrella policy? In my opinion, you can take the policy on the bikes (since you drive them rarely) out from under the umbrella policy. That should knock down the insurance cost by a notch.
What type of HO policy do you own? |
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Heller
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Joined: 02 Jan 2012
Posts: 272
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| Posted: Thu Feb 02, 2012 3:07 am Post subject: |
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The odds are good you won't need the umbrella, but do you want to gamble you won't need it?
Higher liability limits do not add a lot to the cost of your insurance. In fact, in some states, insurance companies discount your rates for higher liability coverage.
Before you look at reducing your coverage, shop around to make sure you are getting the best price for the coverage you need. You might be surprised how much you can save by switching insurance companies.
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You can save $100s on car & home insurance, but you have to shop to find the company saving you money. See complaints, & customer satisfaction ratings for all the leading insurance companies at: http://www.smartshopyourcarinsurance.com |
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Robert742
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Joined: 28 Feb 2011
Posts: 123
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