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Old 02-11-2021, 08:57 PM   #1
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Umbrella policy

Anyone have thoughts regarding umbrella liability policies? Should we have one?

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Old 02-11-2021, 09:02 PM   #2
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The least expensive, and best kept secret in the insurance business.
Do not fail to get one.
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Old 02-11-2021, 09:32 PM   #3
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Have had one for years and wouldn't go without.
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Old 02-11-2021, 09:37 PM   #4
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Yes, umbrella policy. And be sure to get your rv (& home and auto) included.
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Old 02-11-2021, 09:43 PM   #5
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43 years in the insrance business: HELL YES!!!!
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Old 02-11-2021, 09:54 PM   #6
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Thanks, I have one, just wanted some other opinions before renewing mine.
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Old 02-11-2021, 09:58 PM   #7
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Oh yes. I got one shortly after getting married and began to have a net worth that actually was positive. I’ll certainly keep it until I’m pretty well withered.
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Old 02-12-2021, 12:15 AM   #8
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Now for the $64,000 Dollar question: How big of an umbrella?
Most folks pop for a million...
But a two... or even a five million dollar umbrella is worth considering.
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Old 02-12-2021, 12:30 AM   #9
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$1,000,000 isn’t what it used to be but that’s what I’ve always had and probably what I’ll keep. But if I was younger, still working and had kids at home I’d think about going higher. And I’m open to arguments for doing so even now.
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Old 02-12-2021, 01:02 AM   #10
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Pete,
Ask you broker how much it would be, to increase it to two-million...
I guarantee that you'll never find a million dollars worth of coverage that cheap anyplace else.
Do you have Grandkids?
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Old 02-12-2021, 04:17 AM   #11
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Pete,

Ask you broker how much it would be, to increase it to two-million...

I guarantee that you'll never find a million dollars worth of coverage that cheap anyplace else.

Do you have Grandkids?


Sadly, no grandkids. Our son is 28 and seems to be taking his time in that regard! My insurance guy of nearly 40 years retired and I need to find a new one. Perhaps I’ll discuss it. I’ve always been impressed how little umbrella coverage costs
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Old 02-12-2021, 12:41 PM   #12
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Pete,
You have to remember: You lovely Bride is far too young and beautiful; to be sleeping with anybody's Grampa anyway!
(Our kid is 33, and still has none... )
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Old 02-12-2021, 11:25 PM   #13
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Pete,

You have to remember: You lovely Bride is far too young and beautiful; to be sleeping with anybody's Grampa anyway!

(Our kid is 33, and still has none... )


Well that’s a lovely thought! I’m 68 so if we do t get a grand before too long we’ll have to share a diaper bag when we go anywhere.....
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Old 02-12-2021, 11:50 PM   #14
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Old 02-17-2021, 07:18 PM   #15
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Anyone have thoughts regarding umbrella liability policies? Should we have one?
About 15 years ago I had a sales rep that died in a car accident that was his fault. The other person in the accident had over $1 million in medical bills. The insurance companies started looking at assets that they could take to cover their losses. The insurance coverage he had didn't come close to the losses. After that I asked my insurance guy what he could have done different, and that is when I learned about umbrellas. I've carried $2 Million ever since. Not very expensive.

Now here is a question for everyone. If you will buy an Umbrella policy, why don't you buy a $200 dash cam? Good insurance and a witness.
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Old 02-17-2021, 07:24 PM   #16
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Now here is a question for everyone. If you will buy an Umbrella policy, why don't you buy a $200 dash cam? Good insurance and a witness.
The only problem with an onboard camera... is that it will only show what happens in front of it. If you're at fault: that's what the evidence will show.
(Never get hung with your own rope... )
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Old 02-17-2021, 07:24 PM   #17
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Now for the $64,000 Dollar question: How big of an umbrella?
Most folks pop for a million...
But a two... or even a five million dollar umbrella is worth considering.
We've had $5 million for many, many years. Get your insurance agent to price it out for you in million dollar increments. You will find that the larger amounts might be reasonable for you. Even if you only go for a million that's still better than not having it.

And like was posted above, make sure that your RV is covered by it. Lots of companies that offer Umbrella coverage require a certain amount of liability coverage on your RV policy before they will kick in their coverage. We had to upgrade our RV's basic liability to meet their requirements.
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Old 02-17-2021, 07:33 PM   #18
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The only problem with an onboard camera... is that it will only show what happens in front of it. If you're at fault: that's what the evidence will show.
(Never get hung with your own rope... )
Yes, it is a two edge sword, but if you are at fault, you are at fault. Even if you got hit from behind and the camera didn't catch the act, it could show you maintained your lane, your speed, the color of the light and a lot more. I actually run front and rear cameras. I keep running into big rigs that lane wander, and when I look over the driver is on the cell phone.
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Old 02-17-2021, 07:46 PM   #19
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Umbrella policy

I'm not an insurance agent, but I've done a lot of shopping.
The great thing about an umbrella policy is that it effectively raises the liability limits of all your other policies. Those might include your house, vacation house, renters, boats, cars, motorhome, off-road vehicles, or others. This can be a great deal if you have a bunch of policies.
Most umbrella policies require the underlying policies to have a minimum liability limit, probably between $100,000 and $500,000.
However, if you have only one or two policies, it might actually cost less to raise your existing policy limits and skip the umbrella. That's how it worked out for me. If you're a full-timer and you only have a MH and a toad, that could be your best option.

How much insurance do I need? At least enough to get your insurance company to show up in court with you. That's probably between $1M and $2M.

When you talk to your agent, you will want to ask these questions:
Which of my existing policies will be covered by the umbrella?
What is the minimum amount of underlying coverage needed on my existing policies and what will that cost me?
How does the cost of the umbrella compare to simply raising the limits on my existing policies?
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Old 02-17-2021, 08:03 PM   #20
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We are currently shopping insurance as well and looking to add an umbrella policy. One thing we were told to ask is if the umbrella covers under or un-insured, as we were told most do not. Something to think about.
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