Factors that affect the cost of umbrella insurance
Any or all of the following factors can affect the rate you pay for umbrella insurance.
You can generally purchase between $1 million and $5 million in umbrella insurance coverage. The higher the coverage amount you choose, the more your policy will cost, while lower coverage amounts have smaller premiums.
Existing policy limits
The limits of your auto and homeowners insurance policy also play a role. If your policy has lower limits, the umbrella insurance provider will need to pay out more if you’re sued. As a result, you’ll likely be charged a higher premium for coverage.
If your existing home insurance policy has higher limits, you may get a discount on your coverage, as there’s less of a chance your umbrella insurance will need to kick in and pay for damages.
To calculate how much homeowners insurance you need, consider the cost to rebuild your home, the value of your personal items in your home, and the total of your combined assets. Then set your policy’s dwelling, personal property, and personal liability coverage limits accordingly.
Insurance costs vary by provider — and often by quite a bit. Some insurance companies also offer discounts, which can help reduce your premium. Examples include autopay discounts, which reward you for setting up automatic payments, and bundling discounts, which give you a lower premium if you hold multiple policies with the same insurer.
Your risk level
Risks inherent to your property and its residents also factor into the rate you pay. If you own certain breeds of dogs, for example, that could increase your chance of getting sued and therefore mean a higher premium. Owning a pool or trampoline or regularly hosting parties or events may also increase your costs.
Some types of properties are riskier than others, like rental properties and vacation homes. If you own more than one property, you’ll generally pay a higher premium for umbrella coverage.  
Your credit score can also play a role in your insurance costs. Insurance companies may consider people with lower credit scores as riskier to insure and may charge them higher premiums for coverage. People with higher credit scores usually pay less.
Since the cost of repairs, medical bills, and even litigation vary widely from one location to the next, so does the cost of insurance. You can typically expect higher premiums in more expensive locations. Lower-cost areas may come with lower-cost coverage.
Check Out: How to Buy Homeowners Insurance in 7 Easy Steps