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re: Anyone have a umbrella insurance policy?Posted by MAUCKjersey1 
on 9/19/20 at 5:17 pm to PhiTiger1764
on 9/19/20 at 5:17 pm to PhiTiger1764I renewed mine for $159 this year for a $1MM umbrella Here in Texas
re: Anyone have a umbrella insurance policy?Posted by LSURussian on 9/19/20 at 5:23 pm to tigersfan1989
on 9/19/20 at 5:23 pm to tigersfan1989quote:Nah. Umbrellas are so cheap if mine breaks I just buy another one out of pocket...
Anyone have a umbrella insurance policy?
re: Anyone have a umbrella insurance policy?Posted by Rust Cohle on 9/19/20 at 6:27 pm to geauxnc0308
From my understanding, an umbrella policy only covers one entity, so personal or LLC, maybe for each LLC?
re: Anyone have a umbrella insurance policy?Posted by wickowick on 9/19/20 at 6:27 pm to DiamondDog
on 9/19/20 at 6:27 pm to DiamondDogI have State Farm, I think ours is under $500 a year. Multiple policy discount. Home, life, car, umbrella
re: Anyone have a umbrella insurance policy?Posted by MSTiger33 on 9/19/20 at 6:57 pm to tigersfan1989
on 9/19/20 at 6:57 pm to tigersfan1989$5M for $553
re: Anyone have a umbrella insurance policy?Posted by go ta hell ole miss 
on 9/19/20 at 7:08 pm to tigersfan1989
on 9/19/20 at 7:08 pm to tigersfan1989$276 per year for $1 million. Seems like an essential and it’s too cheap not to have for the risk you run.
This post was edited on 9/19 at 7:09 pm
re: Anyone have a umbrella insurance policy?Posted by go ta hell ole miss on 9/19/20 at 7:15 pm to DiamondDog
on 9/19/20 at 7:15 pm to DiamondDogquote:
Edit: this is with uninsured motorist as well included
That’s a massive addition for you to be calling people clueless. It actually makes what they are saying precisely within expectations. It’s typically about $300 a year, double that if you add uninsured and higher if you add a spouse.
This post was edited on 9/19 at 8:19 pm
re: Anyone have a umbrella insurance policy?Posted by Knucklehead on 9/19/20 at 7:43 pm to JohnnyKilroy
on 9/19/20 at 7:43 pm to JohnnyKilroyquote:
When your NW exceeds your current various policy limits.
When your net worth and FUTURE EARNINGS exceed your current policy limits.
Excess judgements & garnishments would be levied against the negligent party that may exceed current net worth.
re: Anyone have a umbrella insurance policy?Posted by mule74 on 9/19/20 at 8:54 pm to tigersfan1989
on 9/19/20 at 8:54 pm to tigersfan1989Premium is a couple of hundred for a $1mm policy. Keep in mind that you also will probably have to endorse your auto limits to $300,000 if you don’t already carry those.
quote:I think it is $500,000 so there is an additional cost to maxing out all of your other policies.
Premium is a couple of hundred for a $1mm policy. Keep in mind that you also will probably have to endorse your auto limits to $300,000 if you don’t already carry those.
re: Anyone have a umbrella insurance policy?Posted by boosiebadazz on 9/19/20 at 10:41 pm to tigersfan1989
$2 million with reciprocal UM though my wife’s employer. Chubb underwrites. $600/year with $250/$500 auto underlying as a separate policy
This post was edited on 9/19 at 10:42 pm
re: Anyone have a umbrella insurance policy?Posted by meansonny 
on 9/19/20 at 11:17 pm to Knucklehead
on 9/19/20 at 11:17 pm to Knuckleheadquote:
quote:
When your NW exceeds your current various policy limits.
When your net worth and FUTURE EARNINGS exceed your current policy limits.
Excess judgements & garnishments would be levied against the negligent party that may exceed current net worth.
The bolded part is wrong.
I can have $100k in assets.
I can have $500k in coverage.
Someone sues me for $1M, I'm still screwed. My $100k in assets are vulnerable.
The proper approach is is to look at your assets and price out how much is it worth to you to protect it?
$300/yr?
$500/yr?
$1000/yrs?
You may only have $500k in assets but feel better about a $2M umbrella at $500/yr to protect it.
Edit to add: the reason why the bolded portion is wrong is because you cant tell a plaintiff attorney how much to sue your for. You cant say, I only have $250k coverage so sue me for that. You cant say, I only have $100k in assets so sue me for that.
This post was edited on 9/19 at 11:19 pm
re: Anyone have a umbrella insurance policy?Posted by Fat Bastard 
on 9/20/20 at 7:06 am to Popths
on 9/20/20 at 7:06 am to Popthsquote:
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.
thanks for confirming you don't know shite about RE that is for damn sure.
re: Anyone have a umbrella insurance policy?Posted by Jake88 
on 9/20/20 at 8:04 am to boosiebadazz
on 9/20/20 at 8:04 am to boosiebadazzI looked into this and with State Farm it seems really expensive. Youre getting a deal with Chubb.
Since my greatest liability would be in driving I upped my car liability to 1 million and will probably do so with my wife's.
Still shopping though.
Since my greatest liability would be in driving I upped my car liability to 1 million and will probably do so with my wife's.
Still shopping though.
re: Anyone have a umbrella insurance policy?Posted by LSUFootballLover on 9/20/20 at 10:46 am to boosiebadazz
on 9/20/20 at 10:46 am to boosiebadazzAnother vote for Chubb, forget what my premium is but only like 3 or 4 hundred a year. You do have to max your auto policies though.
re: Anyone have a umbrella insurance policy?Posted by hottub 
on 9/20/20 at 10:54 am to tigersfan1989
on 9/20/20 at 10:54 am to tigersfan19891M right at $400/year...... As stated before, each company has different underlying requirements and I think our’s is 300/100/300....... Auto and UI is about $190/month.
re: Anyone have a umbrella insurance policy?Posted by MsState of mind 
on 9/20/20 at 4:02 pm to tigersfan1989
on 9/20/20 at 4:02 pm to tigersfan1989You want your liability limits to cover your net worth. We have $1 million and it is about $200 a year
ETA ours does not include uninsured motorist but it stacks in Mississippi
ETA ours does not include uninsured motorist but it stacks in Mississippi
This post was edited on 9/20 at 4:03 pm
quote:
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.
I know several people that were sued for hundreds of thousands for auto accidents where they were not even at fault. As others have said it’s worth the small premium to have the insurance company lawyers deal with it. If paying a few thousand dollars a year in insurance premiums is going to make someone poor they probably don’t have enough money to need a umbrella policy.
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