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Old 02-21-2018, 06:41 PM
 
8,504 posts, read 2,389,571 times
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I had 2 million for a number of years because I was in various businesses (this was on top of biz and other policies). I kept it when I went "virtual" because even on the internet, someone may take my advice (on an official web site or blog) and hurt themselves or others...or sue me for defamation/slander, etc.

My businesses are all wound down do I reduced it to $1 million. I have enough assets for it to be worthwhile.
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Old 02-22-2018, 11:45 AM
 
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Keep it, it's cheap...

Cheaper than hiring a lawyer once, and insurance companies are worse to deal with so let other side deal with them instead of you
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Old 03-12-2018, 06:34 PM
 
Location: Saint John, IN
10,638 posts, read 3,314,105 times
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Quote:
Originally Posted by Hoonose View Post
An umbrella can also protect and pay you for others damages to you, if they are insufficiently covered or insured.

Like if a lowly insured driver tries to kill you.


This exactly! Of course you could always raise your uninsured/underinsured, but an umbrella will also cover many other things at it's relatively cheap, typically between $150-$300 for the year.


https://www.trustedchoice.com/umbrel.../coverage-faq/
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Old 03-12-2018, 06:36 PM
 
Location: Saint John, IN
10,638 posts, read 3,314,105 times
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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 need a Commercial Umbrella policy, plus a personal umbrella. Go to an independent insurance agent in your area. As another poster stated Chubb and Lloyds will do it!
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Old 03-13-2018, 06:48 AM
 
2,953 posts, read 1,389,796 times
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Quote:
Originally Posted by craigiri View Post
I had 2 million for a number of years because I was in various businesses (this was on top of biz and other policies). I kept it when I went "virtual" because even on the internet, someone may take my advice (on an official web site or blog) and hurt themselves or others...or sue me for defamation/slander, etc.

My businesses are all wound down do I reduced it to $1 million. I have enough assets for it to be worthwhile.
Do you mean on your own website or just chatting on like this one?

I thought the internet companies got by any liabilities at all as they just deliever the info.

I agree, liabiliy is so cheap, why not have it.
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Old 03-13-2018, 10:23 AM
 
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An umbrella policy is designed to protect you against lawsuits and judgments. Those sorts of risks can come from driving a car, RV, boat or owning a home. "Accidents" could occur for any number of reasons that are not related to the above. For example, you go to a restaurant, leave a purse or briefcase on the floor or your coat drops on the ground. If someone trips and is injured, you could be sued. This is by no means a farfetched example and it is very easy to think of other examples where your well intentioned behaviors could harm someone else. The potential damages could be catastrophic. Sure the risks are low but that is why the costs for insurance are also low.
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Old 03-13-2018, 12:01 PM
 
4 posts, read 2,225 times
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Life is a risk. You may never use it. But it's better to be safe than sorry. It may one day protect your future income.

Imagine the financial damage to your income and future income if you crippled or killed someone and that person or their love one put a lien against your income. From my research, you can not file bankruptcy to get rid of it. And I doubt you would want to just quit your job, you still need to earn a living.
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Old 03-13-2018, 12:33 PM
 
8,281 posts, read 3,454,476 times
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Quote:
Originally Posted by gfm3050 View Post
Life is a risk. You may never use it. But it's better to be safe than sorry. It may one day protect your future income.

Imagine the financial damage to your income and future income if you crippled or killed someone and that person or their love one put a lien against your income. From my research, you can not file bankruptcy to get rid of it. And I doubt you would want to just quit your job, you still need to earn a living.
Also imagine the risks to you being injured by someone uninsured or underinsured. Especially an auto accident. Not uncommon at all. Your umbrella can cover you for damages beyond your own auto and the other party's coverage.
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Old 07-12-2018, 01:59 PM
 
961 posts, read 921,475 times
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I'm looking into an umbrella policy. We've always had minimal coverage for our 4 cars (own them outright and drive them into the ground) and minimal coverage for our house. We're paying about $1,500 a year in car insurance (the EV insurance is the highest even though it was our cheapest purchased used car) and paying about $1,200 a year for homeowners insurance (no flood, earthquake, nor gas line insurance). My wife is a high income earner and is on the board of a number of nonprofit trade groups. We've hosted a number of large gatherings at our home and are considering getting into a partial ownership of a small boat. An umbrella policy seems to make a lot of sense for us.
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Old 07-13-2018, 07:41 AM
 
Location: NJ
22,674 posts, read 28,559,598 times
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so, we have another insurance that it seems a lot of people recommend. i always wonder how many actually went and got it. so i guess i was reading about it the other day and i shot a message to my insurance lady for a quote. here it is:

"To add a Personal Umbrella to your Homeowners insurance policy, the annualized cost is as follows:

$1,000,000. Limit of coverage $155.
$2,000,000 Limit of coverage: $233."

so, should i do it?
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