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tigersfan1989
LSU Fan
Louisiana
Member since Oct 2018
512 posts

Anyone have a umbrella insurance policy?
Looking into possibly getting a umbrella insurance policy for a piece of mind. Anyone here have one and if so what’s the policy amount and yearly premium. Do you think it’s needed? It scares the shite out of me someone can sue me for all my assets and takes me to the cleaners one day if I am the cause of a bad accident. These policies also cover injuries results from your kids or dogs. I am thinking of getting $1 mil policy which should only be a couple hundred a year I believe


geauxnc0308
LSU Fan
pineywoods of ET
Member since May 2008
355 posts

re: Anyone have a umbrella insurance policy?
$1M is $350/yr. I got it bc I do rental property


Shepherd88
Member since Dec 2013
3176 posts

re: Anyone have a umbrella insurance policy?
Yes. A lot more folks should have them too


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100
FinleyStreet
Georgia Fan
Member since Aug 2011
6599 posts

re: Anyone have a umbrella insurance policy?
$291 per year / $1M limit.


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40
Tigerpaw123
USA Fan
Louisiana
Member since Mar 2007
14832 posts

re: Anyone have a umbrella insurance policy?
Worth it for the peace of mind, I highly recommend getting an uninsured motorist endorsement with your umbrella, total cost of the 2 is about double (~$600) but if you are the bread winner in the family and some yahoo manes you in an accident , it can save your ass


Twenty 49
LSU Fan
Shreveport
Member since Jun 2014
13620 posts

re: Anyone have a umbrella insurance policy?
$1M for me and spouse is $443 with State Farm.

When I was young and broke, I did not bother. My net worth was a pittance, so a judgment was not a worry. Discharge it in bankruptcy and start over.

But as you gain equity in a home or other property, accumulate savings, etc., it is worth protecting.

One bad car accident, such as causing a fatality, can easily result in damages in excess of auto policy limits. Or you could hit an old lady at Kroger with your grocery cart, cause a broken hip that results in extensive rehab, and your HO likely covers only up to $100,000 for personal liability. After the policy taps out, Gordon or Morris will be looking to you for the rest of it. That's when the umbrella kicks in.


nctiger71
LSU Fan
North Carolina
Member since Oct 2017
797 posts

re: Anyone have a umbrella insurance policy?
The cost/ thousand of coverage likely varies by state. I pay less than $200/ year in NC but I had to upgrade my basic automobile insurance. And I had more than the minimum required to begin with; so it is actually a little more than $200.

I don’t recall the value of the policy; I’ll have to check but can’t imagine it is less than $1 million.

Whether it makes sense, other than just piece of mind, would depend I would think on the assets you have, or might have in the future perhaps, that can be taken. For example, they may not be able to take your home or retirement accounts. I’m sure that varies by state too. I actually may not need it but the extra protection is worth the cost.


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ItzMe1972
Member since Dec 2013
4702 posts

re: Anyone have a umbrella insurance policy?
Your underlying coverage may have to be bumped to dovetail with the umbrella coverage.

Yes, I've had one for many years.


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70
BestBanker
USA Fan
Call me President-Elect Bestbanker
Member since Nov 2011
14292 posts

re: Anyone have a umbrella insurance policy?
Yes.


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geauxpurple
LSU Fan
New Orleans
Member since Jul 2014
5418 posts
 Online 

re: Anyone have a umbrella insurance policy?
Yes I have one and it is well worth it. It is cheap compared to other types of insurance because it is like having a liability policy with a gigantic deductible. If you have assets to protect, get it.


Mr Perfect
Lamar Fan
Member since Mar 2010
17836 posts

re: Anyone have a umbrella insurance policy?
hey all. what net worth should you consider an umbrella insurance policy? is there a number. ty for info


JohnnyKilroy
New Orleans Pelicans Fan
Cajun Navy Vice Admiral
Member since Oct 2012
26962 posts
 Online 

re: Anyone have a umbrella insurance policy?
quote:

hey all. what net worth should you consider an umbrella insurance policy? is there a number. ty for info



When your NW exceeds your current various policy limits.



EA6B
Navy Fan
TX
Member since Dec 2012
10969 posts
 Online 

re: Anyone have a umbrella insurance policy?
1m for $350/ year through Allstate, they require your auto liability coverage also be maxed out.


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Fat Bastard
USA Fan
Member since Mar 2009
51645 posts

re: Anyone have a umbrella insurance policy?
yes i have one for my real estate. cheap. is it needed? frick yes. it works on top of your regular policies.


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TheOcean
Army Fan
#honeyfriedchicken
Member since Aug 2004
40138 posts
 Online 

re: Anyone have a umbrella insurance policy?
When you move out of your mom's basement.


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wickowick
LSU Fan
Head of Island
Member since Dec 2006
43211 posts

re: Anyone have a umbrella insurance policy?
The insurance company using it's money to defend you is worth the $400 a year in premiums


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80
DiamondDog
LSU Fan
Member since Nov 2019
3255 posts

re: Anyone have a umbrella insurance policy?
We have State Farm and just got quoted yesterday on a 1M policy. We are in Lake Charles and it’s $94/mo.

Geico was rated at $903.00 a year.

Anybody who tells you it’s $300 in south Louisiana is ridiculous and doesn’t have a clue.

Edit: this is with uninsured motorist as well included
This post was edited on 9/19 at 2:49 pm


iknowmorethanyou
LSU Fan
Paydirt
Member since Jul 2007
6425 posts

re: Anyone have a umbrella insurance policy?
Paying $278 for $1M with Progressive in Lafayette.


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Popths
LSU Fan
Baton Rouge
Member since Aug 2016
2611 posts

re: Anyone have a umbrella insurance policy?
How many people do you know that needed one but didn’t have one? None for me either. You can insure yourself to the poor house.


PhiTiger1764
LSU Fan
Lurker since Aug 2003
Member since Oct 2009
12210 posts

re: Anyone have a umbrella insurance policy?
quote:

hey all. what net worth should you consider an umbrella insurance policy? is there a number. ty for info

I’d be curious to know in general what people’s opinions are on this as well..


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