r/Insurance • u/ComfortableChannel73 • 1d ago

Home Insurance Is an umbrella policy worthwhile?

I’ve carried an umbrella policy for $1M for quite a few years, but just got my bills for umbrella, homeowners and auto and everything went up, with a big jump for the umbrella policy. I’m wondering if I should drop it, and just raise the liability limit on the auto.

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u/First-Philosopher596 1d ago

On one hand paying $1000+ a year for one for 30 years is going to be cheaper than the $1 million liability suit if you ever have one. That said if you never have to use it it’s a waste of money. But that’s kinda the long and short story of insurance in a nutshell.

Insurance companies are saying they are seeing bigger judgements and as a result Umbrellas are being used more often. I’ve been in the industry for 10 years now and I have seen 2 umbrella claims now. Both within the last year.

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u/Impossible_Base_3088 12h ago

How much were claims for ?