Umbrella Insurance Discounts
Learn how to save money on your excess liability coverage with these common discounts.
Written by
Christine Lacagnina has written thousands of insurance-based articles for TrustedChoice.com by authoring consumable, understandable content.
Reviewed by
Cara Carlone is a licensed P&C agent with 20 years of experience. She has her P&C license in RI and TX and holds CPCU, API, and AINS designations.
Having umbrella insurance can help save you money if you face a hefty lawsuit. But did you know there are also discounts available that can help you save money on your policy? Finding umbrella insurance discounts can be easy when you know what to look for.
The good news is that you can have someone conduct the research and find great deals for you. A local independent insurance agent can help you find the best umbrella insurance coverage and discounts to keep your premiums low. But first, use our guide to umbrella insurance discounts to start saving today.
What Does Umbrella Insurance Cover?
Purchasing an umbrella policy can extend your liability coverage on several existing insurance policies, such as:
- Auto Insurance
- Home Insurance
- Boat insurance
- Renters Insurance
Typically, you can buy umbrella insurance policies with liability coverage limits in increments of $1 million. These policies extend your existing policy's liability coverage by $1 million or more. So, if you had a home insurance policy with $300,000 in liability coverage, adding $2 million in umbrella coverage would increase your overall liability insurance coverage to $2.3 million.
Save on Umbrella Insurance
Our independent agents shop around to find you the best coverage.
Is Umbrella Insurance Affordable?
Just as you can find discounts for your standard insurance policies, you can find deals on your umbrella insurance coverage as well. As you start searching for the best rates on umbrella policies, you probably already have an idea of the amount of coverage you need, based on the assets you need to protect. You can buy commercial or personal umbrella insurance policies.
The average cost of umbrella insurance is about $200 per year for a policy with $1 million in excess liability coverage. While the cost of umbrella insurance is very affordable given the valuable protection it provides, there are still ways to bring that number down. An independent insurance agent can help you apply any discounts you qualify for to your policy.
Examples of Personal Umbrella Insurance Discounts
Personal factors can contribute to a lower umbrella insurance premium. Here are a few examples of umbrella insurance discounts offered by many carriers.
- Age Discount: If you are 50+, you may be eligible for a discount, which is typically a percentage of your premium.
- Safe Driving Record Discount: If you’ve managed to avoid accidents on the road or speeding tickets, your insurance company places you in a low-risk group, which can potentially save you money not only on your auto insurance policy but also on umbrella insurance.
- Claims-Free Discount: If you have a clean insurance record overall, both on your home and auto insurance policies, you may qualify for umbrella insurance discounts because you are less risky to insure.
- Good Credit Discount: Individuals with good credit scores may qualify for savings on umbrella insurance in certain areas.
- Membership Discount: You might be able to save money on your umbrella insurance if you're a member of a certain group or organization, such as AARP or a graduate of a certain college.
There may be additional steps you can take to help bring your premium costs down, so be sure to consult your independent insurance agent, review your coverage, and ask about ways to lower your premiums.
Save More Money on Umbrella Insurance with Multi-Policy Discounts
It’s a good idea to consolidate all your policies with one insurance company if you can. Combining your policies under one insurer provides a number of benefits, including avoiding gaps in coverage and not buying more insurance coverage than you need.
You may also qualify for a multi-policy discount. Many insurance companies offer up to a 20% discount on a combined premium if you buy multiple policies from them, such as your home and auto coverage. If you’re in the market for umbrella insurance, look for an insurance company that offers multi-policy discounts if you bundle this coverage with another policy, such as home insurance or auto insurance.
Save on Umbrella Insurance
Our independent agents shop around to find you the best coverage.
An Independent Insurance Agent Can Help You Find Affordable Umbrella Insurance
Independent insurance agents are free to shop and compare umbrella insurance policies and discount options from multiple carriers so they can find you the best coverage around. Your agent can not only help you find the cheapest umbrella insurance rates but also help you file umbrella insurance claims if the time comes. And down the road, your agent will still be there to help update your coverage as necessary.
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