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Started By
Message
Any advice on a Personal Liability Policy vs an Umbrella?
Posted on 6/8/23 at 10:06 pm
Posted on 6/8/23 at 10:06 pm
I need to up the overall protection to sleep better in today's crazy world. $300k currently for cars, house & rental property. Rental & cars with USAA, House going there upon expiration.
Can get umbrella reasonably cheap, but considering a personal liability policy.
Any advantages?
I'm obviously not an insurance guy and wanted insight before I call an insurance broker...
Thoughts?
Can get umbrella reasonably cheap, but considering a personal liability policy.
Any advantages?
I'm obviously not an insurance guy and wanted insight before I call an insurance broker...
Thoughts?
5
Posted on 6/8/23 at 10:38 pm to Klondikekajun
Your personal liability coverage comes from your homeowner policy
The umbrella is an excess policy on top of all those other policies (homeowners, auto, boat, rental property, RV, motorcycle, etc) that covers if you’re held liable for an amount higher than what the primary underlying policy covers.
Get an umbrella
The umbrella is an excess policy on top of all those other policies (homeowners, auto, boat, rental property, RV, motorcycle, etc) that covers if you’re held liable for an amount higher than what the primary underlying policy covers.
Get an umbrella
Posted on 6/9/23 at 6:29 am to Tiger Prawn
What Tiger Prawn said. An umbrella on top of your liability coverage is cheap and is something everyone should have.
Posted on 6/9/23 at 11:38 am to Klondikekajun
The umbrella policy covers you over and above your personal liability policy. Get both. The umbrella is cheap because it is like having a policy with a gigantic deductible that will rarely come in to play.
Posted on 6/9/23 at 5:34 pm to Klondikekajun
They are the same thing.
Personal liability policy is the official name.
Umbrella is the layman vernacular.
Personal liability policy is the official name.
Umbrella is the layman vernacular.
Posted on 6/10/23 at 8:03 am to meansonny
quote:False.
They are the same thing.
Personal liability policy is the official name. Umbrella is the layman vernacular.
Personal liability isn’t going to pay anything if its related to an accident in a vehicle or boat. You can have a personal liability policy without an umbrella, but umbrella requires the personal liability coverage because the PL acts as primary coverage with the umbrella only kicking in if the PL policy pays out max limits
Posted on 6/10/23 at 9:07 am to Tiger Prawn
quote:
Personal liability isn’t going to pay anything if its related to an accident in a vehicle or boat.
Lol
Your car insurance policy carries personal liability coverage. It is not a personal liability policy.
Your home/renters insurance carries personal/family liability coverage. It is not a personal liability policy.
Personal liability policies (aka umbrella policies) cover almost any personal lawsuits against the owners of the policy... including auto and home claims. The personal liability policies have a retainer for the insured on auto and home related claims. Typically $250,000 per person on auto accidents (which are covered on the auto policy) and $300,000 per incident physical injury claims (which are covered on the home policy).
The "personal" designation doesn't relate to the type of claim (i.e. auto, slip/fall, libel/slander). It relates to who the plaintiff is. The plaintiff would not be a business entity which would require a commercial liability policy.
The vernacular "umbrella" insinuates that it covers on top of auto insurance, on top of home insurance, watercraft insurance, etc.. and also covers "personal injuries" such as libel/slander which would not be automatically covered on basic auto/home policies.
Posted on 6/10/23 at 9:09 am to Tiger Prawn
quote:
False.
Personal liability isn’t going to pay anything if its related to an accident in a vehicle or boat.
What happens when the auto insurance liability limits are exhausted?
You are arguing that a personal liability policy is going to ignore that personal lawsuit?
Absolutely not.
People are confusing personal injury coverage with personal liability policies.
Posted on 6/10/23 at 12:29 pm to Klondikekajun
Thanks for the insight....
Still a little confused thought.
Will an umbrella by the carrier that covers rental property & autos cover excess liability related to incidents at my residence (different insurer)?
i.e. does the umbrella sit over unrelated policies?
Still a little confused thought.
Will an umbrella by the carrier that covers rental property & autos cover excess liability related to incidents at my residence (different insurer)?
i.e. does the umbrella sit over unrelated policies?
Posted on 6/10/23 at 2:19 pm to meansonny
quote:Yes, because motor vehicles are excluded under a personal liability policy
You are arguing that a personal liability policy is going to ignore that personal lawsuit?
quote:No, I’m not. Personal injury coverage is slander or libel. Personal liability coverage has exclusions for certain exposures, like boats, motor vehicles, etc
People are confusing personal injury coverage with personal liability policies.
Posted on 6/10/23 at 2:22 pm to Klondikekajun
quote:Generally you can have the underlying policy with any carrier as long as the coverage limit meets the umbrella’s underlying limit requirements. Normally $300k per property, $250/500 auto, $300k for boats and RVs. Some umbrella carriers require you to have your primary auto and/or homeowner coverage with them, so double check with your umbrella carrier to make sure
Still a little confused thought. Will an umbrella by the carrier that covers rental property & autos cover excess liability related to incidents at my residence (different insurer)? i.e. does the umbrella sit over unrelated policies?
Posted on 6/10/23 at 3:18 pm to Klondikekajun
It’s pretty cheap. Especially as you get older and have more assets at risk it makes a lot of sense
Posted on 6/10/23 at 3:21 pm to Tiger Prawn
quote:
quote:
You are arguing that a personal liability policy is going to ignore that personal lawsuit?
Yes, because motor vehicles are excluded under a personal liability policy
quote:
People are confusing personal injury coverage with personal liability policies.
No, I’m not. Personal injury coverage is slander or libel. Personal liability coverage has exclusions for certain exposures, like boats, motor vehicles, etc
We are probably in different states and should just move on.
The policy jackets for umbrella policies read " Personal Liability Policy" in Georgia. They are shorthanded PLPs.
It doesn't make sense to me why someone would need to buy 2 separate policies to do what 1 policy will do in Georgia (as I said... PLP is the technical term. Umbrella is the lay person vernacular. In Georgia, it is one and the same. Umbrella's cover libel/slander. Personal liability policies pick up Personal liability when the auto limits are exhausted.)
Posted on 6/10/23 at 3:24 pm to Klondikekajun
quote:
Still a little confused thought
You’re confused because meansonny is complicating it. Call your agent and ask him. It’s his job to explain this to you.
Posted on 6/10/23 at 3:33 pm to Motorboat
PLP = Umbrella
That's confusing for you, eh?
Lol
I hope your spouse takes good care of you.
That's confusing for you, eh?
Lol
I hope your spouse takes good care of you.
Posted on 6/10/23 at 3:58 pm to meansonny
quote:Fair point, I’m in LA
We are probably in different states and should just move on.
Posted on 6/10/23 at 7:03 pm to SloaneRanger
quote:not everyone.
An umbrella on top of your liability coverage is cheap and is something everyone should have.
Posted on 6/11/23 at 10:17 am to meansonny
I have both at the advice of my insurance rep.
Umbrella coverage includes liability if sued related to rental properties, as well as other scenarios like auto accidents. I also sell new construction properties and was told my umbrella did not cover a liability suit related to that. Not sure why.
Both are business expenses that are protection I consider needed and just part of the cost of doing business.
Umbrella coverage includes liability if sued related to rental properties, as well as other scenarios like auto accidents. I also sell new construction properties and was told my umbrella did not cover a liability suit related to that. Not sure why.
Both are business expenses that are protection I consider needed and just part of the cost of doing business.
Posted on 6/12/23 at 1:46 pm to KWL85
If you have home, auto, atv, rental Propeties, ect insured properly under your personal name then you would have personal liability insurance coverage on each of those policies. There would be no need for a separate individual personal liability policy. The Personal Umbrella Policy would then put all these policies and their limits under its cover and add additional coverage if those policy limits are exhausted.
It any of your property is owned by a business then the same should hold true about the business liability on those policies. Your business may be labor only and you would then hold a business liability policy. Either way you can have a Business Umbrella Policy which would then put all these policies and their limits under its cover and add additional coverage if those policy limits are exhausted.
Business umbrella will not cover personal property and personal umbrella will not cover business property.
It any of your property is owned by a business then the same should hold true about the business liability on those policies. Your business may be labor only and you would then hold a business liability policy. Either way you can have a Business Umbrella Policy which would then put all these policies and their limits under its cover and add additional coverage if those policy limits are exhausted.
Business umbrella will not cover personal property and personal umbrella will not cover business property.
Posted on 6/12/23 at 6:53 pm to Belaire Buck
Not my scenario. All my insurance is in same name and my agent advised both. The general liability covers some things that the umbrella doesn't.
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