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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 04-24-2015, 06:29 PM
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Default Do you have a personal umbrella liabilty insurance policy? You may want to get one.

Met with a financial advisor recently and one question was did we have a personal umbrella liability insurance policy? No we don't. I know I'm not the sharpest tool in the shed but I had never heard of such a thing. We have insurance on our house, cars, boats, etc., why do we need even more insurance? Well after listening to the reasons why we should have a policy I was sold.

I contacted my insurance guy that has the insurance on everything we own and he told me it was very common and he highly recommends it. Well it would have been nice if he WOULD have recommended it -vs- having someone else recommend we get one. So now we have a $1M policy to cover any liability. It was less than $200 for the year.

How many of you guys already have one of these policies? If you don't have one you may want to look into getting one.

Here is some good reading:

https://www.allstate.com/tools-and-r...-need-one.aspx
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Old 04-24-2015, 06:41 PM
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I purchased my first umbrella policy 25 years ago when our first child was born and we knew we going to hire a nanny....had one ever since.
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Old 04-24-2015, 06:44 PM
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Originally Posted by Tireless View Post
I purchased my first umbrella policy 25 years ago when our first child was born and we knew we going to hire a nanny....had one ever since.
Well why in the hell didn't you tell me!!!
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Old 04-24-2015, 06:46 PM
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Have one since home ownership.
24 Years.
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Old 04-24-2015, 06:58 PM
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This has been brought up many times. I have one, so should you Russ.
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Old 04-24-2015, 07:04 PM
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had one when I owned a business and was married, but not anymore.
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Old 04-24-2015, 07:06 PM
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Yes.
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Old 04-24-2015, 07:07 PM
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I purchased one after a civil suite against me for 3 million dollars about 12 years ago... after that, I'll never be without one...most auto, homeowners, boat polices have a max liability...after that liability has been paid to the max...as I say the rest comes from yer pocket...or the umbrella that covers what's in yer pocket!
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Old 04-24-2015, 07:09 PM
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I am lost, what does it cover?
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Old 04-24-2015, 07:29 PM
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Originally Posted by dimag333 View Post
I am lost, what does it cover?
Liability claims excess of your limits on homeowners, auto, marine, etc. Relatively cheap and no-brainer if you have net worth (let alone if you have young drivers in the family). Though hope it never happens, pretty easy to see damages orders of magnitude higher than typical $250k - $300k limits. Think car accident with death of wage-earner(s) or any number of (hopefully very) unlikely, but horrible (and expensive) outcomes. One of those exposures perfectly covered by insurance, unlike health "insurance," but don't get me started.
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Old 04-24-2015, 07:35 PM
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Worth having if you have assets. Also it is MUCH higher than 200/yr if you have teens in the house or on your auto insurance.
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Old 04-24-2015, 07:37 PM
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Also Russ , your agent didn't tell you about it because he's worthless, just like mine and most others I've ever dealt with. I learned about the umbrella policy from an uncle.
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Old 04-24-2015, 07:39 PM
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Originally Posted by Double tyme View Post
This has been brought up many times. I have one, so should you Russ.
It's been brought up on THT? I don't remember ever seeing it posted. I did a search prior to starting this post as I always do, do a search on "liability policy" and only one result came back and it was specific to a boat policy.

Sorry if this is a duplicate of several other posts.
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Old 04-24-2015, 07:46 PM
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$2M
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Old 04-24-2015, 07:51 PM
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I have heard of it before. Know several people who have it. Kinda wondered why they had it. Michigan has this catastrophic accident fund with 18 billion it it we all pay into for auto liability above and beyond.

I understand the homeowner liability and boat but what are they gonna take from you if they sue above your normal limits.
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Old 04-24-2015, 07:51 PM
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http://www.thehulltruth.com/boating-...you-carry.html
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Old 04-24-2015, 07:51 PM
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As soon as I started to accumulate a few assets that I could lose in a law suit, I bought my first umbrella.

Over the years I have increased the coverage at least 5 times.

A must, to protect what you have worked so hard for!
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Old 04-24-2015, 07:52 PM
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Originally Posted by magua View Post
I have heard of it before. Know several people who have it. Kinda wondered why they had it. Michigan has this catastrophic accident fund with 18 billion it it we all pay into for auto liability above and beyond.

I understand the homeowner liability and boat but what are they gonna take from you if they sue above your normal limits.
Your retirement (some states have laws that protect against this, mine doesn't), equity in your house, future earnings and anything else you own

Your legal defense will eat up most of your property liability coverage amount not leaving much to pay out should damages be awarded.
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Old 04-24-2015, 07:52 PM
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Originally Posted by rusbob View Post
Also Russ , your agent didn't tell you about it because he's worthless, just like mine and most others I've ever dealt with. I learned about the umbrella policy from an uncle.
I was a little taken aback when he said it was very common and highly recommended....yet he never ever even mentioned it to us. Hell it's to his own benefit to mention it because it's additional business.

Yes, thanks for mentioning the thing about having teens in the house. If we would have included our daughter it would have been triple what we paid! Damn kids.....
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Old 04-24-2015, 07:58 PM
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Originally Posted by Fish'nFool View Post
Your retirement, equity in your house, future earnings and anything else you own
The guy that told us about getting this policy said just this.....you could/would lose everything including your retirement, property, and even future earnings as Fish'nFool mentioned.

As important as having this policy is I can't believe I didn't know it....and that nobody told me!

Hopefully this post will educate people, I would have loved to have been educated a lot sooner. I'm so thankful that we now have it. My wife just told me that we are covered for $3M not $1M. She increased the coverage when she paid the bill from the insurance company.
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