U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Economics
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 07-13-2018, 07:58 AM
 
Location: Omaha, Nebraska
6,298 posts, read 3,479,933 times
Reputation: 14916

Advertisements

Quote:
Originally Posted by CaptainNJ View Post
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?
Yes, you should do it. Look at the posts upthread by jrkliny, gfm3050, and Hoonose for the reasons why. You will probably never make a claim against it, but when you need it you REALLY need it.

As for who has it - I have an umbrella insurance policy and have never regretted the purchase. Knock on wood it's never needed, but it makes me feel less like a walking lawsuit target.
Reply With Quote Quick reply to this message

 
Old 07-13-2018, 08:12 AM
 
Location: NJ
22,675 posts, read 28,568,174 times
Reputation: 14611
btw, it looks like it is an add on to my homeowners policy.

ill probably pick up the $2 million.
Reply With Quote Quick reply to this message
 
Old 07-13-2018, 08:24 AM
 
Location: Omaha, Nebraska
6,298 posts, read 3,479,933 times
Reputation: 14916
Quote:
Originally Posted by CaptainNJ View Post
btw, it looks like it is an add on to my homeowners policy.

ill probably pick up the $2 million.
Insurance companies generally treat it as an add-on to the homeowner's policy, but it generally does cover automotive accidents (which are the situations most likely to require use of an umbrella policy).
Reply With Quote Quick reply to this message
 
Old 07-16-2018, 03:20 PM
 
Location: Oceanside, CA
1,742 posts, read 828,725 times
Reputation: 3895
I have an umbrella, along with maximum liability coverage. These days, when just about anything is grounds for a lawsuit, and jurors are easily swayed by heart-tugging arguments and think, "Oh, we can give a million dollars to these poor people, they really need it and it all comes from an evil insurance company anyway..."

If you're OK with being hit with some kind of liability claim, and that guaranteeing you'll never have two nickels to rub together for the rest of your life, then no, you don't need it.

Put another way... if you're involved in a collision, let's say, and someone is paralyzed, and you're sued... if you have $15K of liability coverage, the insurance company will write that check, dump you, wash their hands, and watch the vultures tear you apart in court. When they're exposed to a couple million in losses, though, you better believe they'll fight tooth an nail. Not to save you because it's their job, but because they don't want to write a seven-figure check.
Reply With Quote Quick reply to this message
 
Old 07-16-2018, 07:49 PM
 
8,288 posts, read 3,456,454 times
Reputation: 1586
Quote:
Originally Posted by CaptainNJ View Post
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?
Saved our azzes!
Reply With Quote Quick reply to this message
 
Old 07-17-2018, 07:35 PM
 
665 posts, read 228,153 times
Reputation: 1026
For a 1 mil policy-a PLUP would not cost very much at all-like maybe 25 bucks a month. Your liability limits on your car in SC has to be 250/500 to get a PLUB (Personal Liability Umbrella Policy). It covers you if you get sued and protects your assests and I also believe that it provides and attorney.
Reply With Quote Quick reply to this message
 
Old 07-24-2018, 02:20 AM
 
8,377 posts, read 7,369,618 times
Reputation: 18244
It can be the cheapest money you ever spent.
Reply With Quote Quick reply to this message
 
Old 07-24-2018, 01:05 PM
 
Location: NJ
22,675 posts, read 28,568,174 times
Reputation: 14611
Quote:
Originally Posted by Hoonose View Post
Saved our azzes!
while many people recommend it, i havent seen stories of it saving any azzes. id be curious to know more about what happened.
Reply With Quote Quick reply to this message
 
Old 07-24-2018, 05:58 PM
 
8,288 posts, read 3,456,454 times
Reputation: 1586
Quote:
Originally Posted by CaptainNJ View Post
while many people recommend it, i havent seen stories of it saving any azzes. id be curious to know more about what happened.
When you get hit by someone on the highway with low or no auto coverage, at least in AZ your umbrella can kick in with serious losses. We were/are rich enough to make do. But this happening to someone or family with lesser means would be much more distressing.
Reply With Quote Quick reply to this message
 
Old 07-25-2018, 10:48 AM
 
Location: NJ
22,675 posts, read 28,568,174 times
Reputation: 14611
ok, i am officially umbrella'd. (additional $189/year for $2 million)

Hi CaptainNJ,

Attached is the endorsement to your Homeowners insurance policy extending the liability insurance to include a $2,000,000 Umbrella. This Umbrella liability coverage protects you for claims made against you alleging bodily injury, property damage and personal injury wherever you go (although claim must originate from the U.S.) and includes liability arising from your two automobiles or other automobiles you do not own, but might use (within the U.S.) It does not extend to include coverage for damages or injuries arising from owned watercraft, recreational vehicles, motorcycles, aircraft, etc. as there is no primary insurance on these types of property at the present time. If you purchase any additional cars, boats, recreational vehicles, etc., let us know so we can include coverage on the Umbrella.

Should you have any questions, please call me. (I originally quoted you $233. whereby the annualized cost is actually $189….not sure why, but premium is lower)

Thank you!
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Economics
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top