Personal umbrella / STR

[Craig Jones]

I know the topic of umbrella insurance comes up here periodically. I was just out shopping for new auto and umbrella policies, and most insurers won't write a personal umbrella that covers an STR if the underlying policy for the STR is on a commercial form -- which is the case for most good STR policies. I discovered though that Markel *will* write a personal umbrella over a commercial STR policy (plus your personal auto + homeowners). And they also had the best rate for a $2M umbrella with a 16-year-old driver in my household.

Hopefully helpful to others who are out shopping for insurance.

[Craig Jones]

$1347 annual for a $2M policy covering 3 cars / 3 drivers (one under 21), primary residence, one STR and an old pontoon boat. All the underlying policies have $300K liability limits, except for the STR which has $1M/$2M. I think almost half the cost comes from the teen driver.

Additional $345 annual to add $1M excess uninsured / underinsured motorist coverage.

A $2M umbrella on top of a $2M STR policy might seem like overkill, but it's a big three-story house with seven bedrooms, max 19 guests. I don't like to think about all the terrible things that could happen, but there's lots of exposure there. A simple scenario is a fire where a bunch of people don't get out.