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Message
re: Umbrella Insurance Policies
Posted on 1/22/14 at 4:38 pm to CubsFanBudMan
Posted on 1/22/14 at 4:38 pm to CubsFanBudMan
quote:
Your car insurance will need to be in the 100/200/100 or 100/300/100 range.
Thought it was 250/500/100. I may be wrong. A far as an Umbrella policies, they work by providing excess of what you're policies liability offers. So in most cases you must retain a certain limit on auto and renters.
Also this is why umbrella policies are usually cheap because most claims can be handled by normal liability amounts. Unless you have kids.
The question is if you have renters and auto insurance why do you need such high limits? Are you a doctor, lawyer, or engineer who is normally targeted in lawsuits? Understand what you're trying to protect is assets and future income.
2
Posted on 1/22/14 at 4:40 pm to krange1
I'm just trying to get the best value. Renters isn't expensive- it's $150 a year. The 1M umbrella is $300 a year. I'd make up the difference if I dropped the renters and lowered my current limits on auto (300/500). Probably wouldn't work though.
This post was edited on 1/22/14 at 4:41 pm
Posted on 1/22/14 at 4:43 pm to krange1
quote:
Thought it was 250/500/100. I may be wrong. A far as an Umbrella policies, they work by providing excess of what you're policies liability offers. So in most cases you must retain a certain limit on auto and renters.
It probably depends on the the underwriter. When I was a kid, my parents had either 100/200/100 or 100/300/100, pretty sure it was the 100/200/100. Some professional organizations have better insurance underwriters than others.
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