- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Umbrella Policy Advice
Posted on 12/11/18 at 9:31 am
Posted on 12/11/18 at 9:31 am
Thinking about getting an umbrella policy. I have a homeowners policy, but given the litigious nature of where I live, the fact that I now have kids to think about and that I may be serving on a municipal board soon, I was thinking a little extra coverage wouldn't hurt.
Who do you guys use for your umbrella policies? All of my insurance is currently through USAA. I am happy with them, but wouldn't mind going with someone else if priced a bit better. Roughly how much should I expect to pay, not sure if I should go 1 or 2 million.
Appreciate any help and insight you guys can offer.
Who do you guys use for your umbrella policies? All of my insurance is currently through USAA. I am happy with them, but wouldn't mind going with someone else if priced a bit better. Roughly how much should I expect to pay, not sure if I should go 1 or 2 million.
Appreciate any help and insight you guys can offer.
This post was edited on 12/11/18 at 9:32 am
Posted on 12/11/18 at 9:59 am to SM6
I have a 1 mil umbrella. The cost is roughly 40/month, but you have to raise your car insurance limits to 100/300. Total monthly payment for me and my wife's vehicles plus umbrella is about 166. Metlife. Really not much considering
Posted on 12/11/18 at 10:23 am to SM6
I use the same company who has the homeowners. The two policies dovetail, and I don't have to worry about who pays the claim.
I don't think you'll find much difference is price.
I don't think you'll find much difference is price.
This post was edited on 12/11/18 at 10:27 am
Posted on 12/11/18 at 10:31 am to SM6
i have a million dollar policy. same company that insures all my rentals.
Posted on 12/11/18 at 11:09 am to Fat Bastard
Sounds good, looks like 1 mil is a good standard number. Thanks for the advice.
Posted on 12/11/18 at 11:26 am to SM6
Make sure you actually have wealth that you are protecting for the policy to make sense. If you don't have wealth for them to go after, then the policy just gives a lawyer an excuse to make you a target unnecessarily. It's a bit twisted / perverse, but the incentives work out that way.
Posted on 12/11/18 at 11:26 am to SM6
I have a $1mil umbrella policy with Safeco. $436 per year.
Posted on 12/11/18 at 12:52 pm to theOG
My umbrella policy was super cheap...maybe $150 a year.
Posted on 12/11/18 at 12:56 pm to SM6
Be sure to add uninsured motorist to your umbrella, most if not any come with it, if you are going to insure "them" be sure to insure "you" as well
Posted on 12/11/18 at 12:57 pm to SM6
quote:
Sounds good, looks like 1 mil is a good standard number. Thanks for the advice.
Posted on 12/11/18 at 1:21 pm to Fat Bastard
I got quoted a policy of about 240/yr for 1 mil by USAA. I feel like that isn't too bad at all, at least for the peace of mind.
I'm not exactly wealthy, but it would help keep me from losing my house should I be responsible for some six car pileup on 85, etc. that exceeds my current liability coverage. Plus whatever risk I have sitting on a municipal authority board.
I'm not exactly wealthy, but it would help keep me from losing my house should I be responsible for some six car pileup on 85, etc. that exceeds my current liability coverage. Plus whatever risk I have sitting on a municipal authority board.
Posted on 12/11/18 at 2:12 pm to thatguy777
quote:State Farm requires 100/500 before the umbrella will kick in.
I have a 1 mil umbrella. The cost is roughly 40/month, but you have to raise your car insurance limits to 100/300. Total monthly payment for me and my wife's vehicles plus umbrella is about 166. Metlife. Really not much considering
Posted on 12/11/18 at 2:42 pm to NOSHAU
quote:
State Farm requires 100/500 before the umbrella will kick in.
SF requires 250/500 on Auto and HO can remain at 100
$1MM umbrella - $480yr with no youthful drivers
Posted on 12/11/18 at 3:06 pm to SM6
quote:
I got quoted a policy of about 240/yr for 1 mil by USAA.
i pay 183 a year. that is a good deal you have.
insurance like that is totally worth it. gives you a second line of defense and their lawyers will fight for you if you are sued.
Posted on 12/11/18 at 3:33 pm to lynxcat
I disagree. There is also wage garnishment to consider. Most adults make over one million dollars in their lifetime.
This post was edited on 12/11/18 at 3:34 pm
Posted on 12/11/18 at 7:36 pm to SM6
I think my $2mm umbrella is like $250 per year.
The expensive part was that I had to raise our auto limits to I think $500k.
The expensive part was that I had to raise our auto limits to I think $500k.
This post was edited on 12/11/18 at 7:38 pm
Posted on 12/12/18 at 7:25 am to SM6
quote:
Plus whatever risk I have sitting on a municipal authority board.
Check with your agent on whether your HO and umbrella would cover that.
quote:Could be similar exclusions for government positions. It's worth checking if this is a major reason to get the umbrella.
Personal umbrella insurance typically doesn't cover other business-related liabilities such as a malpractice lawsuit, or losses in connection with your paid position as an officer or member of a governing board of a for-profit organization.
Allstate: What is Generally Not Covered By a Personal Umbrella Policy?
Most municipalities provide a defense and indemnity to police, councilmen, zoning officials, etc. if they are sued for acts taken in the course of their duties. Otherwise, fewer smart people would be willing to take the jobs.
Posted on 12/12/18 at 2:27 pm to SM6
quote:
Plus whatever risk I have sitting on a municipal authority board.
You should be covered by the government here. You should absolutely look into this.
Most boards have their own insurance for things like E/O.
Posted on 12/12/18 at 2:50 pm to lynxcat
quote:
Make sure you actually have wealth that you are protecting for the policy to make sense. If you don't have wealth for them to go after, then the policy just gives a lawyer an excuse to make you a target unnecessarily. It's a bit twisted / perverse, but the incentives work out that way.
This is horrible advice considering lawyers also target future earnings if they can get away with it. If you have 0 in the bank and have any solid future earnings potential and you hit someone with your car, you can bet your arse they will garnish your future wages to pay that person off for their damages. There’s a lady I work with who is not wealthy at all that could not retire when she wanted to because she did not have an umbrella policy and she was at fault in an accident where the dude lawyered up. So they garnished her wages and it’s forced her to work longer than she wanted.
The real answer to this question is “buy what you can afford.” Just because someone else has 1 mil doesn’t mean that is smart for you. It’s a relatively cheap coverage all things considered and it will really help you sleep at night knowing all the craziness that is out there in our world. If you have kids who are close to driving age or at driving age you really need some limits on there.
Popular
Back to top
Follow TigerDroppings for LSU Football News