Umbrella Policy - Page 3

CelticCrafter · ‎03-09-2010

@Mistreatedbycs wrote:
Sorry would like to add one more thought....

Both my insurance agent and my lawyer said to me:

How much are you worth (now that includes any of your assets including your savings and any retirement plans)

So we wrote everything down, rounding all the numbers

Next, they asked: How much are you willing to lose? That was a no brainer question.

That answered the question as to why you should have one.

It's coincidence that this came up, earlier in the week I was thinking about our Umbrella policy and that we really need to up the limit.

SeaMaiden · ‎03-10-2010

I have always one through Farmers Insurance . It gives you extra protection against someone sueing you for everything you have. Way over what a regular policy covers. Well worth it.

Jordan2 · ‎03-16-2010

@Skididdy wrote:
@Jordan2, I can help you out with this one.

The Umbrella liability policy is strictly liability over and above your auto , home, boat, ect.
So if you are sued, say for a car accident and they win, they exhaust your limits on that car policy and then get the rest from your umbrella policy.

I personally think it is a great thing. Everyone is SUE happy , for the additional cost, it is peace of mind.

The umbrella policy has nothing to do with personal property....it is only liability coverage as someone mentioned.

I hope this helps you.

@Skididdy, thank you for the explanation, I guess an extra $700 is worth the price for peace of mind. You pay your premiums each month for your home and car insurance hoping you'll never need to file a claim.

Jordan2 · ‎03-16-2010

@Mistreatedbycs wrote:
You might want to have everything quoted by State Farm, they write the Umbrella polices and here's what I know.

I own a business and my attorney told me it's "a really good idea" to have a million dollar umbrella policy since the world is full of people who just "sue".

I have my business insurance with another company and my agent for my business building told me even if I don't have a business, it's a good thing to have, someone falls on your sidewalk, you hit someone in your car. Although your car insurance will probably take care of that claim, an umbrella policy gives you added security incase you do run into someone who wants to take your house, your bank account etc.

Mine cost around $100 and for me, I am happy to pay that.

On a side note I just wanted to share incase you are reviewing your policies.
My agent came in yesterday and mentioned he wrote a homeowners policy for a couple who had their insurance through AARP, he mentioned their policy had a $5000 deductible and he got them the same premium with a $1000 deductible. All these little details, who would of thought insurance is so complicated and necessary when that time comes.

@Mistreatedbycs, I actually was with State Farm, now with Allstate. I live in NYC and after Super Storm Sandy in 2012 ( I believe), I was notified they were no longer writing homeowners policies in my area. I could have stayed with them for my car insurance and umbrella policies, but thought getting the three bundled elsewhere was the way to go.

Mom2Dogs · ‎03-09-2010

We have an umbrella policy thru Auto Owners.

Nataliesgramma · ‎03-28-2015

We also have an Umbrella policy....just for the peace of mind....so worth it with so many sue happy people......

GCR18 · ‎07-03-2013

Growing up, our neighbor was an insurance agent. After I grew up and bought a house, she said I really needed an umbrella. Not that I had alot, but could lose everything and still owe.