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Old 04-14-2016, 01:46 PM
 
191 posts, read 282,837 times
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Recently we moved our parents into assisted living. As we are selling the house, I realized they have an umbrella policy to protect themselves financially. They also have a revocable trust which covers most of their assets.


I wasn't going to get them renters insurance since they don't have much in the way of valuables where they are now, but I am not sure if they still need the umbrella insurance or if the trust is enough. Not sure if there is much in the way of liability but you never know.


I'm wondering if others have dealt with this situation and what the best approach is?


Thanks for any thoughts or advice.
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Old 04-14-2016, 02:45 PM
 
Location: OH>IL>CO>CT
5,238 posts, read 8,417,308 times
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FWIW, most insurances will not issue or renew an Umbrella without an underlying HO or renters policy. BTDT.
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Old 04-14-2016, 04:42 PM
 
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If they don't have a car, what need will they have for an umbrella policy after they sell the house?


Once they have sold the house, I would cancel both policies.
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Old 04-14-2016, 07:04 PM
 
191 posts, read 282,837 times
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Thanks for your replies.

I called two different insurance companies today. One requires you to have an auto policy without a car, and the premium is higher than what we pay for two cars right now. In that case we might as well buy a $500 Junk heap and insure it! It would be cheaper.

The other company, I'm still waiting to hear back from. They are pricing out renters insurance and have not mentioned auto insurance.

I understand it needs to be an underlying policy because they want that liability coverage maxed out first, but apparently different insurance companies handle it differently.
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Old 04-15-2016, 06:07 AM
 
Location: NC Piedmont
3,911 posts, read 2,881,871 times
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Quote:
Originally Posted by jlawrence01 View Post
If they don't have a car, what need will they have for an umbrella policy after they sell the house?
A visitor trips on the folded under corner of the doormat while leaving, falls on a garden gnome and loses an eye. Not very likely to happen to anyone in particular but will probably happen to someone somewhere. Without liability coverage that could be a financial disaster.
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Old 04-15-2016, 06:14 AM
 
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my buddy just lost a law suit where a woman was visiting his tenant .

she cut across the lawn leaving instead of the pathway and tripped on the oil filler pipe and broke her ankle .

even though she had no business on the lawn my buddy lost the case and had to pay thousands .
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Old 04-15-2016, 09:18 AM
 
14,264 posts, read 24,009,233 times
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Quote:
Originally Posted by ReachTheBeach View Post
A visitor trips on the folded under corner of the doormat while leaving, falls on a garden gnome and loses an eye. Not very likely to happen to anyone in particular but will probably happen to someone somewhere. Without liability coverage that could be a financial disaster.

Read my post.

If she doesn't have a car or a home (note that I said AFTER she sells the house), she doesn't need the insurance.
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Old 04-15-2016, 09:29 AM
 
Location: NC Piedmont
3,911 posts, read 2,881,871 times
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Quote:
Originally Posted by jlawrence01 View Post
Read my post.

If she doesn't have a car or a home (note that I said AFTER she sells the house), she doesn't need the insurance.
I did. The scenario I described was unlike the one mathjak described (where the landlord was sued) because the doormat and garden gnome are items belonging to the renter. You can still have liability without owning the property. It may be that you mean something different by assisted living than I inferred. The assisted living facilities I am familiar with provide graduated levels of services and in most of them you are still living independently enough for there to be scenarios like the one I described in which you could be found liable. So, yeah, I read your post but maybe I misunderstood it if you are talking about something different than my understanding of assisted living. I would agree that those scenarios become increasingly unlikely to happen and I am not sure I would worry about it; I might take that incredibly low risk.
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Old 04-15-2016, 10:53 AM
 
Location: southwestern PA
20,419 posts, read 37,681,189 times
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Quote:
Originally Posted by ReachTheBeach View Post
I did. The scenario I described was unlike the one mathjak described (where the landlord was sued) because the doormat and garden gnome are items belonging to the renter. You can still have liability without owning the property. It may be that you mean something different by assisted living than I inferred. The assisted living facilities I am familiar with provide graduated levels of services and in most of them you are still living independently enough for there to be scenarios like the one I described in which you could be found liable. So, yeah, I read your post but maybe I misunderstood it if you are talking about something different than my understanding of assisted living. I would agree that those scenarios become increasingly unlikely to happen and I am not sure I would worry about it; I might take that incredibly low risk.
Independent living is much different than assisted living.
People in assisted living have neither doormats nor gnomes.
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Old 04-15-2016, 11:17 AM
eok
 
6,684 posts, read 3,174,500 times
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Quote:
Originally Posted by mathjak107 View Post
my buddy just lost a law suit where a woman was visiting his tenant .

she cut across the lawn leaving instead of the pathway and tripped on the oil filler pipe and broke her ankle .

even though she had no business on the lawn my buddy lost the case and had to pay thousands .
Didn't he have insurance?
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