Which insurance companies offer the best umbrella policy?

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Which insurance companies offer the best umbrella policy?

John Boby
Rental Property Investor · LOS ANGELES, CA · Member since 2016 · 56 posts · 3 votes

Which insurance companies offer the best umbrella policy in California?

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  • Account Closed
    Rental Property Investor · Oakland, CA · Member since 2014 · 730 posts · 1k+ votes
    10y
    Originally posted by @John Boby:

    Which insurance companies offer the best umbrella policy in California?

     I searched around and found that GEICO, who I get my auto insurance from, offered the best rate. They even gave me 10% off of my auto policy just for having an umbrella policy, so a $2M policy ended up costing me only $150/year! (It was $320 for a $2M Umbrella policy minus $170 discount off of of my $1700 yearly auto policy)

    Hope this helps. 

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  • Russell BrazilBusiness Member
    Moderator
    Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
    10y

    Yeah I pay like $300 a year from Geico for $2 million in coverage.

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  • Derek Lacy
    Insurance Agent · Maitland, FL · Member since 2015 · 397 posts · 244 votes
    10y
    Depends on what you mean by best. I think we have a good indication of best price wise will be your auto insurer. Which is usually the case. Will geico offer um/uim coverage? How about writing over an LLC owned property? Etc. Here's the real issue. Umbrellas a low cost with any provider, but you need one that will provide the best flexibility in their offerings customized to you. Also remember an umbrella will require that you list every exposure that you want covered. So auto/home are only listed. That means they are not covering your rentals. Rental in an LLC name, most personal insurers won't write over. Call Geico, but also call a broker, if you know one, if you do not, our office can write CA standalone umbrellas and customize to your requirements through our many insurers.
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  • Parker Cox
    Independent Insurance Agent · San Diego, CA · Member since 2015 · 138 posts · 56 votes
    10y

    @John Boby Most umbrella policies (personal and commercial) are nearly identical.  

    For personal umbrellas, when it comes to the best rates, you are 9 times out of 10 going to be best off going with whoever has your auto insurance.  A personal umbrella requires auto coverage unless you don't own a car (because that is where your greatest risk exposure is) and therefore in most cases your auto carrier will offer a multi policy discount.  

    For commercial, for the same reasons as with a personal, the company who has your general liability will also often be the cheapest.  

    Hope that helps.

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  • Cliff T.
    Rental Property Investor · San Francisco, CA · Member since 2016 · 215 posts · 42 votes
    8y

    I have my rental insurance through Allstate and Statefarm but neither can offer umbrella insurance policies bc I don't have an auto insurance policy.

    Anyone know of a company that provides umbrella insurance as a stand alone product?

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  • Jason BottPro Member
    Insurance Agent · Nationwide · Member since 2014 · 2k+ posts · 1k+ votes
    8y

    @Cliff T. there are several options.  I'll PM you the info

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