Umbrella insurance is surprisingly affordable—and certain factors can help lower the cost even more. Read on to discover what influences the price of an umbrella policy. This is part 4 of our 6-part series—don’t miss what’s next!
How much does umbrella insurance cost?
Umbrella insurance is relatively affordable. The first $1 million of umbrella insurance coverage costs approximately $150 to $300 per year. After that, each additional million dollars in coverage costs roughly $100 to $150. The exact total amount varies based on the number of homes, cars, and boats you insure.
what Factors Affect Umbrella Insurance Rates?
The biggest factor that determines how much umbrella insurance costs is the amount of coverage you need.
Other impactful factors may include:
- Location
- Credit history
- Claims history
- Number of homes
- Number of vehicles
- Your driving record
How can you Lower the Cost of Umbrella Insurance?
- Maintain a clean driving record: This shows insurers there’s less of a risk that you’ll file a claim.
- Increase coverage on existing policies: More coverage on existing policies means you can afford less umbrella insurance coverage, thus lowering your premium.
- Maintain a good credit score: Insurers like to see you consistently pay your bills on time.
- Bundle your umbrella policy: Bundling your policy with other insurance (i.e. home or auto insurance) can save money. Many insurers offer discounts when you bundle.
Interested in a personalized umbrella insurance quote?
📱 Call us at (630) 441-1003
📧 Email us at info@glautohome.com
