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Old 02-20-2018, 10:25 PM
 
2,071 posts, read 715,787 times
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We have an umbrella policy that costs about $600 a year. It is designed to protect assets in case of liability. We also have professional liability insurance through organizations that we belong to.
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Old 02-21-2018, 06:49 AM
 
2,953 posts, read 1,388,601 times
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Buy it because they will furnish the attorney's. You could be wiped out paying attorney fees.
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Old 02-21-2018, 07:33 AM
 
4,707 posts, read 2,251,841 times
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Yep that.

If the insurance company is potentially on the hook for a million bucks (or more since is in addition to liability of owner policy) they have a lot of motivation to present a strong defense against you being liable. This is true even if someone sues you for 5 million since they would be covering the first million of it.
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Old 02-21-2018, 07:44 AM
 
8,274 posts, read 3,452,461 times
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Quote:
Originally Posted by markg91359 View Post
Too many people have the wrong idea about umbrella insurance.

It is a good thing. However, a good umbrella policy not only increases liability limits, it also increases limits of uninsured (UM) and underinsured motorist coverage (UIM). This coverage that will protect you, friends, or family members if you ever have the misfortune to be seriously injured in an accident with a driver who has low insurance limits or no insurance at all. Frankly, I worry more about that than I do about being careless and injuring another. There are many drivers on the road with low limits of insurance or no insurance and they tend, statistically, to be the worst drivers out there. On the other hand, I have driven forty-two years without causing a serious accident.

In fact, the real reason I have an umbrella policy is because I want to increase underinsured and uninsured limits. If all it did was increase liability I might not find it worth it.

I would encourage those contemplating getting umbrella coverage to ask their agent if the policy they are purchasing increase UM and UIM coverages. If it does not, shop elsewhere for insurance.
A great point I tried to make above. Unfortunately we had to engage the process with our State Farm policies after our 1/1/17 highway head on.
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Old 02-21-2018, 07:56 AM
 
Location: Durham, NC
693 posts, read 2,917,722 times
Reputation: 1004
I'm having trouble finding umbrella insurance that fits my needs. Does anyone on here have a good carrier that doesn't care about number of investment properties to be included in the umbrella? I can't use the national major carriers as I own over 30 rental properties and I want to of course have umbrella coverage across all of them, and I own properties in both my name and in my LLC, including my auto and primary residence, but so many places have a 4 or 5 property limit. Any leads would be greatly appreciated.
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Old 02-21-2018, 11:02 AM
 
Location: Paranoid State
12,670 posts, read 9,420,097 times
Reputation: 14916
Quote:
Originally Posted by Dad01 View Post
Hi
I have only one possession a SUV car and nothing else no boat no RV no house no timeshare etc

I have some liquid assets I want to protect bonds stocks cash

I was debating whether I should get umbrella insurance or just increase the liability limits on my car insurance to a maximum

as really I'm only likely to hurt someone with my car and have no other posessions and liabilities

what are your thoughts ?
Go with an umbrella liability policy. A $5 Million umbrella liability policy is quite affordable.
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Old 02-21-2018, 11:05 AM
 
Location: Paranoid State
12,670 posts, read 9,420,097 times
Reputation: 14916
Quote:
Originally Posted by freshjiv View Post
I'm having trouble finding umbrella insurance that fits my needs. Does anyone on here have a good carrier that doesn't care about number of investment properties to be included in the umbrella? I can't use the national major carriers as I own over 30 rental properties and I want to of course have umbrella coverage across all of them, and I own properties in both my name and in my LLC, including my auto and primary residence, but so many places have a 4 or 5 property limit. Any leads would be greatly appreciated.
With 30 rental properties, you would probably need a really high umbrella liability policy.

Did you try Chubb?

Of course, there's always Lloyds.
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Old 02-21-2018, 11:09 AM
 
Location: 5,400 feet
2,197 posts, read 2,269,902 times
Reputation: 2840
Quote:
Originally Posted by freshjiv View Post
I'm having trouble finding umbrella insurance that fits my needs. Does anyone on here have a good carrier that doesn't care about number of investment properties to be included in the umbrella? I can't use the national major carriers as I own over 30 rental properties and I want to of course have umbrella coverage across all of them, and I own properties in both my name and in my LLC, including my auto and primary residence, but so many places have a 4 or 5 property limit. Any leads would be greatly appreciated.
You likely need a commercial liability policy. Several years ago, AIG sold that type of policy but I don't what they sell today. You might to talk with a commercial broker.
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Old 02-21-2018, 03:10 PM
 
Location: Wisconsin
16,468 posts, read 15,905,878 times
Reputation: 38730
Quote:
Originally Posted by markg91359 View Post
Too many people have the wrong idea about umbrella insurance.

It is a good thing. However, a good umbrella policy not only increases liability limits, it also increases limits of uninsured (UM) and underinsured motorist coverage (UIM). This coverage that will protect you, friends, or family members if you ever have the misfortune to be seriously injured in an accident with a driver who has low insurance limits or no insurance at all. Frankly, I worry more about that than I do about being careless and injuring another. There are many drivers on the road with low limits of insurance or no insurance and they tend, statistically, to be the worst drivers out there. On the other hand, I have driven forty-two years without causing a serious accident.

In fact, the real reason I have an umbrella policy is because I want to increase underinsured and uninsured limits. If all it did was increase liability I might not find it worth it.

I would encourage those contemplating getting umbrella coverage to ask their agent if the policy they are purchasing increase UM and UIM coverages. If it does not, shop elsewhere for insurance.
While I have never caused a car accident I have been in three accidents, over the years, caused by other drivers. I believe that all three times the driver was uninsured (and didn't even have a valid driver's license).
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Old 02-21-2018, 03:40 PM
 
29,462 posts, read 33,694,226 times
Reputation: 11093
Yes and not expensive at all.
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