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Do you have a personal umbrella liabilty insurance policy? You may want to get one.

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Do you have a personal umbrella liabilty insurance policy? You may want to get one.

Old 05-19-2016, 12:57 PM
  #121  
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Originally Posted by ndb8fxe View Post
Wow, what an interesting subject. Glad to see experts chiming in.



Is there any risk to being over insured?
We have never had an insured complain after a bad claim that they had too much insurance. We have had more than a couple regret that they did not get higher coverage limits that we offered.

I think most people would be surprised how affordable increasing your insurance coverage can be. Do yourself a favor and ask your agent for a quote at the next renewal to bump it up some. I think most of you will be surprised at the cost.
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Old 05-19-2016, 01:02 PM
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I've had a 2M policy through State Farm for about 10 years. It's so cheap one is crazy not to have one IMO.
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Old 05-19-2016, 01:34 PM
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I thought there were limits in some states I remember our HOA getting sued where are business was before and I was the president, we have $1million in coverage, I thought the lawyer said in this type of case that was the limit that could be awarded? But I may not remember that correctly?
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Old 05-19-2016, 01:47 PM
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Well I finally realized the obvious. When I combined with our auto insurance, the price was literally half that of the other carrier I used for many years. It only made sense to look into another carrier when the old premium tripled.
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Old 05-22-2016, 04:59 PM
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We are considering changing all of our insurances to another company so we got pricing from the other company for our house, boat, & vehicles. Everything was inline except the umbrella policy cost, it was almost double what we are paying with our current insurance company. We haven't had any claims since we bought the umbrella policy so that can't be why it's so much more expensive. Question for you insurance guys....do the prices on umbrella policies vary that much between insurance companies? I would think it would be a standard amount per $100K of insurance?
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Old 05-22-2016, 05:36 PM
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Originally Posted by AutoPaint View Post
I've had a 2M policy through State Farm for about 10 years. It's so cheap one is crazy not to have one IMO.
Me Too !
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Old 05-22-2016, 05:45 PM
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Originally Posted by Mine Now View Post
What if you have one company that handles auto and another that handles home owners This umbrella coverage should be connected with ones primary residence, yes?
One company would know what the limits are with the other?
That can be one of the primary problems. I had a $2 million umbrella policy and moved, sold the primary residence and vacation home .. purchased a new home. The new home policy (by a different vendor), had a sneaky exemption for dog bites. Limit .. $25k. So guess what ... electrician got bit by the dog and I'm uninsured between $25k and $400k. Typical.

You need to be your own insurance expert.
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Old 05-22-2016, 05:48 PM
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If agent did not advise you properly, he may be liable. Lawyers love suing insurance agencies.
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Old 05-22-2016, 05:48 PM
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UMB other name is "sleep at night insurance"
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Old 05-22-2016, 06:06 PM
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Originally Posted by RussH View Post
We are considering changing all of our insurances to another company so we got pricing from the other company for our house, boat, & vehicles. Everything was inline except the umbrella policy cost, it was almost double what we are paying with our current insurance company. We haven't had any claims since we bought the umbrella policy so that can't be why it's so much more expensive. Question for you insurance guys....do the prices on umbrella policies vary that much between insurance companies? I would think it would be a standard amount per $100K of insurance?

I haven't shopped around for those policies. But I know that insurance varies greatly with things like homeowners and auto. It is a pain to get several quotes but maybe worthwhile if you don't like the quote you get.

I feel like my quote from RLI Insurance is almost "free to a good home" so I am not bothering to shop.
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Old 05-22-2016, 06:07 PM
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I found most umbrellas will require you to carry so much minimum liability on auto and home owners and other toys.


if you have been carrying very high limits on auto/homeowners to protect assets you may be able to lower those policy levels and pickup the coverage on your umbrella.


if you worth a mil, get 2 mil. It is cheap.
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Old 05-22-2016, 06:22 PM
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Originally Posted by RussH View Post
We are considering changing all of our insurances to another company so we got pricing from the other company for our house, boat, & vehicles. Everything was inline except the umbrella policy cost, it was almost double what we are paying with our current insurance company. We haven't had any claims since we bought the umbrella policy so that can't be why it's so much more expensive. Question for you insurance guys....do the prices on umbrella policies vary that much between insurance companies? I would think it would be a standard amount per $100K of insurance?
Most carriers don't base it off of a set rate per 100k. You and your property are the much bigger piece of the equation. Your existing carrier might have better pricing on umbrellas right now. The new umbrella quote might have extra coverage that your current does not. You should have your agent explain any differences.

There are many different factors that decide your insurance cost. Age, property to
be insured, location, credit score are just a few of them. Get with an independent agent who can shop multiple carriers for you. Make sure he is willing to go over and explain all coverages with you.
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Old 05-22-2016, 06:35 PM
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for about 35 years, make sure it covers you operating a boat
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Old 05-22-2016, 07:01 PM
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Umbrella policy for your net worth (at least). increase it as your wealth grows over time. Other policies (yacht, auto, homeowners, rentals, etc) have coordinated liability limits. Most of my stuff is State Farm except my yacht policy. State Farm wanted a copy of my yacht policy declarations page and claim history (nada) to renew my umbrella.

I had $300k on my auto but was able to reduce it to 100k with the umbrella. Yacht limit is still at $1 million.
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Old 05-22-2016, 07:12 PM
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I had one for years until my divorce, I'm kinda hard up right now and don't have one.
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Old 05-22-2016, 07:28 PM
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Originally Posted by Buoy Scout View Post
Umbrella policy for your net worth (at least). increase it as your wealth grows over time. Other policies (yacht, auto, homeowners, rentals, etc) have coordinated liability limits. Most of my stuff is State Farm except my yacht policy. State Farm wanted a copy of my yacht policy declarations page and claim history (nada) to renew my umbrella.

I had $300k on my auto but was able to reduce it to 100k with the umbrella. Yacht limit is still at $1 million.
Very strange request by insurance company. This is provided by Nexls Lexis and they have access to every claim you have made - ever.
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Old 05-23-2016, 04:40 AM
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mine wanted the boat insurance to see that it had 500k on liability I believe
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Old 05-23-2016, 04:43 AM
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Originally Posted by kennyboy View Post
Well I finally realized the obvious. When I combined with our auto insurance, the price was literally half that of the other carrier I used for many years. It only made sense to look into another carrier when the old premium tripled.
True,

Be forewarned though, f you get in an accident that is reported to your auto insurance company they will whack on the personal liability too, as I found out. In terms of an overall percentage it went up pretty significantly despite the mild nature of the accident ($2k in damage), no at-fault tickets (although I was clearly at fault).
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Old 05-23-2016, 05:07 AM
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why does usaa's umbrella cost so much?
its been $340 range for 5 or 10 years, 1 m coverage , everyone else seems in 100s or 200s
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Old 05-23-2016, 08:09 AM
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Originally Posted by edwardh1 View Post
why does usaa's umbrella cost so much?
its been $340 range for 5 or 10 years, 1 m coverage , everyone else seems in 100s or 200s
Have you actually quoted it against other umbrellas? Just because other people are paying less than you does not mean they have the some underlying risks that you do. How many cars, houses, boats and other items is your umbrella going over? Other people might not have nearly as many underlying items.

Not too mention around here USAA is very hard to beat on auto insurance. Your underlying policies could very easily make up the difference in price. I would suggest you getting a quote through an independent agent and having him shop around for you, if you are concerned about it.
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