My insurance carrier just billed me for my personal liability umbrella policy. The new amount is MORE THAN DOUBLE what I have been paying. The company provided no reason. I have never had a claim, have an 820 credit score, and we use the same company for home and auto insurance.
Has anyone else seen this happen lately? I wonder if it is linked to all the payments they have to make for the forest fires in California.
Umbrella Policy Premium DOUBLED!
byu/UngruntledFed inInsurance
Posted by UngruntledFed
7 Comments
CA is expensive, feel free to reach out to an agent to shop rates for you.
Sorry that it went up so much. Unfortunately, umbrella rates have been going up across the board in recent years. We live in a litigious society, and insurance companies are paying out large sums as a result.
This might be a good time to shop all your policies to see if you can get the same or better coverage for a lower rate.
CA can’t use your credit score to determine premiums. Umbrella rates haven’t gone up in over a decade and the year they did everyone is freaking out because they have been so cheap. Look for a standalone policy via rli and compare.
That happened to me in Silicon Valley.
Farmers switched from charging me $1459 annually to $1359 every six months for $2718 total which is an 86% increase.
As an Angeleno, look at all the billboards when you’re driving. Almost all personal injury attorneys, and zero insurance companies.
In fact, even on local TV; unless I’m watching a national broadcaster, I haven’t seen any TV ads for insurance companies in the past decade either.
CA is among the worst states to insure liability coverage on. Umbrella was underpriced for years and the industry is seeing poor results for it. Doesn’t surprise me at all you’d have your premiums double being in CA
Same in Vegas..
Happened to me Last year..
Over Double….Had to go Shopping.
Everything Sucks…Everywhere!