A $5 million umbrella policy costs around $375 to $525 per year, on average. Every policyholder's umbrella insurance premium will vary based on their personal risk factors, so individuals who own more cars or properties will be more expensive to insure, as will people who are particularly likely to be sued.
Average Umbrella Policy Costs
$5 million umbrella policy: $375 - $525 per year
$4 million umbrella policy: $325 - $475 per year
$3 million umbrella policy: $275 - $425 per year
$2 million umbrella policy: $225 - $375 per year
$1 million umbrella policy: $150 - $300 per year
Umbrella insurance applies after the liability limits on another policy, such as a homeowners or auto insurance policy, have been exhausted. Most umbrella policies also cover claims for things like slander and libel. But since umbrella claims are infrequent, coverage is generally inexpensive.
For more information, check out WalletHub's complete guide to umbrella insurance.