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MAUCKjersey1
LSU Fan
Houston Oil and Gas
Member since Aug 2005
2993 posts

re: Anyone have a umbrella insurance policy?
I renewed mine for $159 this year for a $1MM umbrella Here in Texas


LSURussian
LSU Fan
9 acres of paradise in Baton Rouge
Member since Feb 2005
123557 posts

re: Anyone have a umbrella insurance policy?
quote:

Anyone have a umbrella insurance policy?
Nah. Umbrellas are so cheap if mine breaks I just buy another one out of pocket...


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27
Rust Cohle
Baton rouge
Member since Mar 2014
1412 posts

re: Anyone have a umbrella insurance policy?
From my understanding, an umbrella policy only covers one entity, so personal or LLC, maybe for each LLC?


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wickowick
LSU Fan
Head of Island
Member since Dec 2006
43426 posts

re: Anyone have a umbrella insurance policy?
I have State Farm, I think ours is under $500 a year. Multiple policy discount. Home, life, car, umbrella


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MSTiger33
LSU Fan
New York City
Member since Oct 2007
16464 posts

re: Anyone have a umbrella insurance policy?
$5M for $553


go ta hell ole miss
New York Yankees Fan
Member since Jan 2007
9133 posts

re: Anyone have a umbrella insurance policy?
$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


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go ta hell ole miss
New York Yankees Fan
Member since Jan 2007
9133 posts

re: Anyone have a umbrella insurance policy?
quote:

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


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Knucklehead
LSU Fan
Member since Oct 2018
162 posts

re: Anyone have a umbrella insurance policy?
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.


mule74
LSU Fan
Houston, TX
Member since Nov 2004
9722 posts

re: Anyone have a umbrella insurance policy?
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.


NOSHAU
New Orleans Saints Fan
Member since Feb 2012
7426 posts

re: Anyone have a umbrella insurance policy?
quote:

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.


I think it is $500,000 so there is an additional cost to maxing out all of your other policies.


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10
boosiebadazz
Member since Feb 2008
71071 posts

re: Anyone have a umbrella insurance policy?
$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


meansonny
Georgia Fan
ATL
Member since Sep 2012
13450 posts

re: Anyone have a umbrella insurance policy?
quote:

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


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Fat Bastard
USA Fan
Member since Mar 2009
52478 posts

re: Anyone have a umbrella insurance policy?
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.




thanks for confirming you don't know shite about RE that is for damn sure.



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31
Jake88
George Mason Fan
LSU/Saints Fan
Member since Apr 2005
49100 posts
 Online 

re: Anyone have a umbrella insurance policy?
quote:

$1M for me and spouse is $443 with State Farm
Don't you have to increase coverage on all of your policies with them? So its more than $433.


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10
Jake88
George Mason Fan
LSU/Saints Fan
Member since Apr 2005
49100 posts
 Online 

re: Anyone have a umbrella insurance policy?
I 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.


LSUFootballLover
USA Fan
BR
Member since Oct 2008
2782 posts

re: Anyone have a umbrella insurance policy?
Another 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.


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hottub
Florida State Fan
Member since Dec 2012
1855 posts

re: Anyone have a umbrella insurance policy?
1M 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.


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Stexas
LSU Fan
SWLA
Member since May 2013
3910 posts

re: Anyone have a umbrella insurance policy?
quote:

Discharge it in bankruptcy and start over.


Very common misconception. Civil judgments are very difficult to bankrupt your way out of.


MsState of mind
Mississippi St. Fan
State of Denial
Member since Aug 2013
2159 posts

re: Anyone have a umbrella insurance policy?
You 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
This post was edited on 9/20 at 4:03 pm


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EA6B
Navy Fan
TX
Member since Dec 2012
11293 posts

re: Anyone have a umbrella insurance policy?
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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