A $1 million umbrella policy costs around $150 to $300 per year, with the cost increasing a small amount for every additional million. As with any insurance policy, your exact price will depend on individual risk factors, including the number of people in your household and how many cars and properties you own.
A $2 million umbrella policy will cost about $75 more than a $1 million policy, by the way. Every additional million in coverage after that will add about $50 to the total cost.
Umbrella insurance provides liability coverage beyond the limits of an auto or personal property insurance policy. For instance, policyholders can file an umbrella insurance claim if they are at-fault in a car accident that causes damage beyond their car insurance limits. Most umbrella policies also cover claims for things like libel, slander, and accidents that occur abroad.
To learn more, check out WalletHub’s complete guide to umbrella insurance.
This answer was first published on 07/25/23. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.
