Allstate Umbrella Insurance Review

Umbrella insurance is another name for liability insurance. It is designed to protect your assets when you are hit with a lawsuit judgment. Another name for it is "excess liability coverage." Umbrella insurance policies protect you when the liability coverage of your auto insurance, home insurance, or boat insurance is insufficient.

Does Allstate offer an umbrella insurance policy?

Yes, Allstate offers policyholders an umbrella insurance policy. Read below how Allstate compares to other insurance carriers

How does a Allstate umbrella insurance work?

Let's say you are at fault in a serious car accident. The cost of the damages is $500K. However, your auto insurance liability coverage limit is $300k. If you have an umbrella insurance, it will kick in so you don't have to pay the balance out-of-pocket after your auto insurance policy maxes out.

Where does Allstate umbrella policy do business?

Allstate umbrella policy is an insurance carrier based in Northbrook, IL. The insurance company was founded in 1931 and offers umbrella coverage policies in 43 states (and Washington, DC).

What types of umbrella insurance policies does Allstate umbrella policy offer?

Allstate umbrella policy provides the following protections:

• Serious bodily injury liability -- Say a guest falls on your property and requires surgery. The cost may exceed your homeowners insurance liability limits.
• Landlord liability -- If a tenant sues you for damages while renting your property and the cost exceeds the liability limits provided by your specialty homeowners insurance.
• Property damage -- Your umbrella insurance policy also helps if you are at fault in an auto insurance accident and the damages exceed your auto insurance liability limits.
• Slander or libel -- Umbrella coverage can also provide coverage if you are sued for something you wrote or said.
• Malicious prosecution -- If you are counter-sued for wrongfully prosecuting someone, you can be left holding an expensive legal bill that a personal umbrella policy can cover.

What minimum liability coverage does Allstate require before approving an umbrella insurance policy?

Most insurers will not allow you to buy an umbrella insurance policy unless you first purchase a substantial amount of liability coverage on your homeowners and car insurance policies. Allstate requires you to have at least $250,000 in liability insurance before they will grant you an umbrella insurance policy.

What level of liability coverage can you get with Allstate umbrella policy?

Most insurance companies set a minimum of $1 million in coverage. Allstate offers umbrella insurance policies starting at $1,000,000 up to $5,000,000.

How much does Allstate umbrella insurance cost?

The cost of your umbrella insurance policy will vary depending on your risk profile. Your umbrella coverage premium will probably range between $150 and $300 per year.

Your risk profile depends on factors like your net worth, where you live, your credit history, and your driving record. Owning a dog or vehicles that could damage others, such as a jet-ski or a snowmobile, can also increase your policy premium.

Does Allstate offer policy discounts on their umbrella insurance policies?

Allstate offers the following discounts.

Policy Discounts

Supported Options

Unsupported Options

Advance Purchase / Early Shopper Automatic Payment Full Payment Good Student Multiple Policy Claims Free

Retired Continuously Insured Defensive Driver / Safety Course Family Plans Farm Vehicle Good Credit Higher Education Homeowner Low Income Loyalty / Long-Term Customer Military Multiple Vehicles Paperless Billing / e-billing Affinity Relationship Senior Storage / Layup Discount Student Away at School Young Driver Training Teacher / Educator New Customer / Competitor Transfer Higher Deductibles Non-Smoker Mature / Experienced Operator Motorcycle Endorsement Original Owner Young Applicant Healthy Applicants

Insurance companies add and change the discounts they offer regularly. Check whether you qualify for any other discounts when you apply.

What is the financial strength rating of Allstate umbrella policy?

The financial strength rating of an insurance company scores its ability to pay contracts and umbrella insurance policies. Each agency has its own standards and rating scale and a company's rating can change any day. It's a good idea to check the financial rating of an insurance company before you purchase a policy. There are five main rating agencies. SuperMoney's financial strength rating is based, among other factors, on the average score from available ratings.

Allstate umbrella policy scores an A or excellent financial strength rating, which is SuperMoney's second highest available score.

How to apply for Allstate umbrella insurance?

• Visit the Allstate website.
• Fill in the application form. You will typically need to provide general financial information, such as your Social Security Number, address, annual income, and source of employment.
• Check the information is accurate and submit your application.