 50% inc in Umbrella Prem (by GKARL [PA]) Feb 20, 2024 8:11 PM
 50% inc in Umbrella Prem (by 6x6 [TN]) Feb 20, 2024 8:26 PM
50% inc in Umbrella Prem (by Ray-N-Pa [PA]) Feb 20, 2024 9:23 PM
50% inc in Umbrella Prem (by RB [TN]) Feb 20, 2024 10:20 PM
50% inc in Umbrella Prem (by Mapleaf18 [NY]) Feb 21, 2024 2:42 AM
50% inc in Umbrella Prem (by GKARL [PA]) Feb 21, 2024 4:51 AM
50% inc in Umbrella Prem (by zero [IN]) Feb 21, 2024 8:27 AM
50% inc in Umbrella Prem (by GKARL [PA]) Feb 21, 2024 8:39 AM
50% inc in Umbrella Prem (by S i d [MO]) Feb 21, 2024 9:29 AM
50% inc in Umbrella Prem (by Oregon Woodsmoke [ID]) Feb 21, 2024 10:26 AM
50% inc in Umbrella Prem (by Robert J [CA]) Feb 21, 2024 2:10 PM
50% inc in Umbrella Prem (by GKARL [PA]) Posted on: Feb 20, 2024 8:11 PM
Message:
I have an umbrella that provides $ 3.0 million in excess coverage. I was given a renewal quote today with a 50% increase over the prior year. The prior year increase was at least 30% over the year prior to that. I instructed the broker to shop it and I plan on contacting a couple others as well. If I'm stuck with these numbers, I'm probably going to need to cut back the coverage. Broker is trying to blame it on cost of materials, but this is excess liability so that's not making sense. I think it's a straight up money grab.
--209.122.xx.xxx |
50% inc in Umbrella Prem (by 6x6 [TN]) Posted on: Feb 20, 2024 8:26 PM
Message:
Lots of money grabbing going on, and not just by the insurance companies.
We can control the situation if enough of us just say no. --73.190.xxx.xxx |
50% inc in Umbrella Prem (by Ray-N-Pa [PA]) Posted on: Feb 20, 2024 9:23 PM
Message:
I use United States Liability Insurance Company. You might to ask them for a quote. If nothing else, a reason why they believe your risk have doubled. --24.101.xxx.xxx |
50% inc in Umbrella Prem (by RB [TN]) Posted on: Feb 20, 2024 10:20 PM
Message:
Because they can. --69.130.xxx.xxx |
50% inc in Umbrella Prem (by Mapleaf18 [NY]) Posted on: Feb 21, 2024 2:42 AM
Message:
I was reupping my umbrella and I noticed in the fine print that it no longer covers rental property but only property you PERSONALLY LIVE IN. Hmmm the last time I spoke with my broker she requested the addresses of the rentals to be included. What am I missing?
--172.56.x.xx |
50% inc in Umbrella Prem (by GKARL [PA]) Posted on: Feb 21, 2024 4:51 AM
Message:
Maple, sounds like you have a personal umbrella. For rentals, you need a commercial umbrella. --209.122.xx.xxx |
50% inc in Umbrella Prem (by zero [IN]) Posted on: Feb 21, 2024 8:27 AM
Message:
Interesting about the personal umbrella.
Guess I had better make a note to have mine checked. I do not see the need for a big umbrella policy for my personal residence.
--107.147.xx.xx |
50% inc in Umbrella Prem (by GKARL [PA]) Posted on: Feb 21, 2024 8:39 AM
Message:
Thanks for that Ray. I reach out for them today. --209.122.xx.xxx |
50% inc in Umbrella Prem (by S i d [MO]) Posted on: Feb 21, 2024 9:29 AM
Message:
My guess is the cost of litigation has gone up. Most cases are settled outside of court, but the attorneys still get paid for drawing up all their documents and arguing about stuff. Sue for $50,000,000... settle for $50,000... plus $10,000 attorney fees.
My attorney bumped up their per hour rate from $200 to $300 just in the past 3 years, a 50% increase. --184.4.xx.xxx |
50% inc in Umbrella Prem (by Oregon Woodsmoke [ID]) Posted on: Feb 21, 2024 10:26 AM
Message:
Insurance has gone way up.
Your dollar has lost a lot of purchasing power. A dollar no longer buys what it did even a couple of years ago. Loss of purchasing power has been quick. --76.178.xxx.xxx |
50% inc in Umbrella Prem (by Robert J [CA]) Posted on: Feb 21, 2024 2:10 PM
Message:
I feel your pain! Here in California, around 40% of all insurance carriers are NOT renewing insurance policies. Instead they are leaving the state because of too many claims. We are lucky when we are able to buy an Umbrella policy at any price. --47.155.xx.xxx |
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