I’ve had Mutual of Omaha for three years now.
Not because I’m rich or anything. I just got scared after my neighbor got sued for $400k when a kid broke his arm on their trampoline. Their homeowners paid $300k. They paid the rest out of pocket. Sold their boat.
That stuck with me.
So I called my agent and asked about personal umbrella insurance. He quoted me Mutual of Omaha. $280 for the first $1 million. Sounded cheap. I signed up.
Here’s the thing nobody tells you.
Umbrella insurance coverage sounds simple. You think, “Great, extra protection.”
But then the renewal comes.
My premium went up 35% last year. No claims. No tickets. Nothing changed. When I called to ask why, the rep gave me some script about “across-the-board adjustments.” I’ve read online that I’m not the only one seeing big hikes—some Mutual of Omaha customers have seen premiums jump from $183 to over $1,400 a month. That’s insane.
So do I still recommend it?
Yeah. But with your eyes open.
Who actually needs this
If you own a house with a pool? Get it.
Kids who drive? Get it.
Have a dog that weighs more than 40 pounds? Seriously. Get it. Dog bites are no joke. I read about a Georgia woman who got $4.2 million after a neighbor’s dog attacked her. Your homeowners isn’t touching that.
Renters? Maybe. Depends on your stuff.
The rule I follow: if you have more than $500k in assets, buy umbrella coverage. If you don’t yet but you will someday, buy it anyway. It’s cheaper than a lawsuit.
What it actually covers (and what it doesn’t)
Bodily injury on your property? Covered.
Car accident where you’re at fault and someone gets messed up? Covered.
Someone sues you for libel because you left a nasty Google review? Believe it or not, covered. Most home and auto policies ignore that stuff. Umbrella steps in.
But here’s what people miss.
Your own injuries? Not covered.
Your own stuff? Not covered.
Business stuff? Big no. If you drive for Uber or sell candles on Etsy, your personal umbrella won’t help when something goes wrong. You’d need a separate business policy for that.
Also, intentional acts. Obviously.
The cost thing
Right now, Mutual of Omaha’s personal umbrella will run you somewhere between $200 and $400 a year for $1 million, depending on your state and risk factors. That’s still cheap compared to what one lawsuit could cost.
But watch the renewals.
I’ve seen people complain online that their premiums “skyrocketed.” Some say they went from an affordable payment to over $500 a month. I haven’t seen that myself, but I check my statement every single time now. You should too.
Also—and this is important—Mutual of Omaha has an A+ rating from AM Best (Superior). So if you actually need to file a claim, they’ve got the money to pay it. That matters. Some cheaper insurers fold when things get real. Mutual of Omaha has $55 billion in assets. They’re not going anywhere.
The hidden requirement nobody explains
You can’t just buy umbrella insurance by itself.
Most insurers, including Mutual of Omaha, require you to carry minimum liability limits on your home and auto first. Usually $250k to $300k on auto and $300k on homeowners. So before you even qualify for umbrella, you might need to increase your primary coverage.
That costs extra.
Nobody told me that upfront. My agent just said “oh yeah, you’ll need to bump those limits.” It wasn’t a ton of money. But it was a surprise.
Do I regret buying it?
No.
Even with the price hikes and the fine print and the annoying phone tree when I call customer service (yes, I’ve seen the complaints—their customer service can be slow).
Here’s why.
Last year my buddy’s kid threw a party while they were out of town. Some kid dove into their above-ground pool. Paralyzed from the waist down.
The settlement was over $2 million.
Their homeowners paid $500k. Their umbrella paid the rest.
They still have their house. Their retirement. Their sanity.
That’s what umbrella insurance coverage is really for. Not the small stuff. The catastrophic stuff. The one thing that would actually wreck you.
Bottom line
Mutual of Omaha personal umbrella is solid coverage from a company that’s been around since 1909 and has the financial strength to back it up. Is it the cheapest? Probably not anymore. Is their customer service amazing? Mixed reviews on that.
But if you have assets to protect and you want to sleep better at night?
Buy it.
Just read the renewal letter carefully when it comes.
And maybe don’t get a trampoline.
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