What else should I know?
The seven factors mentioned above are the most related to the price of the actual umbrella policy itself. One additional piece adds a premium, but not to the umbrella. Your insurance carrier will have requirements about the amount of liability insurance on your other policies.
The liability insurance listed on your auto, home, boat, and additional property policies will require a minimum dollar amount of coverage. If you do not currently have coverage of at least the minimum amount, you must increase it. This extra coverage will add more expense to each of those policies. Do not be too alarmed here. That little bit of additional premium likely won’t amount to much, or there is a good chance you already carry the minimums!
What about “You”?
Yes, most of your umbrella insurance premium comprises the pieces and parts we have mentioned; a “you” factor does remain. Just like with auto insurance, your credit history will carry weight. Past credit problems can increase the overall rate. That is not even the most significant item, though. What is most important is your past claims history. Insurance carriers will go back five years to determine if you have filed a claim on any personal insurance policies. Prior claims can drastically affect the premium, especially liability claims. Watch those tickets too. Too many moving violations can end up costing you a lot more or could prevent you from qualifying for the policy at all.
Now you know the main pieces that help to determine your umbrella insurance premium. It all comes down to what you care most about and the extent you want to insure it. The Horan Companies team of insurance professionals is here to help guide you through those insurance decisions. Call or contact us, and remember, we will not spam you or sell your information. We’ve got you.