- 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
re: Are umbrella insurance policies even necessary for most people?
Posted on 2/4/24 at 6:40 pm to DiamondDog
Posted on 2/4/24 at 6:40 pm to DiamondDog
So this thread made me check my coverage limits (Thanks OP! I haven’t updated this in over 10 years). Turns out I’m only covered up to $50K/$100K on bodily injury liability and $50K/$100K on uninsured motorist. What would be the best route to increase coverage? Increase the car premium and a personal umbrella on top of that? My estate is worth significantly more than $1M (This is not a brag, more of an “oh frick” moment!)
2
Posted on 2/4/24 at 7:07 pm to DiamondDog
I have my umbrella through RLI.
Cheaper than my auto carrier.
Cheaper than my auto carrier.
Posted on 2/4/24 at 7:21 pm to DiamondDog
quote:
Think it's 500/500/500. If so happens I get in a bad accident, State Farm going to fight like hell to never let the limits hit the umbrella.
Unless you change lanes on the interstate and a car is in your blind spot. You fishtail that car, sending you into a spin as well. You and the other vehicle each hit another vehicle during the spin, and then a pileup occurs. 7 people are injured, 3 have serious injuries. During the discovery phase of the investigation, it is learned that your iPhone was unlocked via its face recognition ability a minute before the first 911 call was made.
Guarantee you’d be thrilled if you had an umbrella policy then.
This post was edited on 2/4/24 at 7:23 pm
Posted on 2/4/24 at 8:21 pm to MSTiger33
quote:I have a pool and have this same coverage and it's only $63/month.
That’s insane. I have an additional $1M uninsured/$5M personal excess umbrella for $570 a year
Posted on 2/4/24 at 9:08 pm to meansonny
I just checked through RLI. It's still $85/mo. It's cheaper but not drastically like some of these folks say.
SWLA is just expensive I suppose. I dont have any accidents or a record. Just fuggin expensive in Louisiana.
SWLA is just expensive I suppose. I dont have any accidents or a record. Just fuggin expensive in Louisiana.
Posted on 2/4/24 at 9:11 pm to DiamondDog
Posted on 2/4/24 at 10:58 pm to DiamondDog
Is this 2 cars and a home?
Or do you have some extra properties?
Real estate or youthful operators seem to be the biggest factors in not getting the $250/yr type policy.
I have 4 teen drivers and 6 vehicles and I'm paying about what they quoted you.
Or do you have some extra properties?
Real estate or youthful operators seem to be the biggest factors in not getting the $250/yr type policy.
I have 4 teen drivers and 6 vehicles and I'm paying about what they quoted you.
Posted on 2/5/24 at 6:00 am to meansonny
2 cars and a home, homie. My kids are too young.
Posted on 2/5/24 at 6:37 am to StealthCalais11
quote:You’re going to need to increase the liability on your regular auto insurance first. Most umbrella policies require that you have 250/500 on the underlying auto and 300k on homeowners and any other properties you own.
So this thread made me check my coverage limits (Thanks OP! I haven’t updated this in over 10 years). Turns out I’m only covered up to $50K/$100K on bodily injury liability and $50K/$100K on uninsured motorist. What would be the best route to increase coverage? Increase the car premium and a personal umbrella on top of that? My estate is worth significantly more than $1M (This is not a brag, more of an “oh frick” moment!)
Posted on 2/5/24 at 6:51 am to DiamondDog
The umbrella is only $57/month for liability.
The extra $30 or so is uninsured motorist.
I don't have the extra uninsured motorist. But I have strong short term disability, long term disability, and life insurance.
If liability is your main concern, you should be good at the $57/mo.
The extra $30 or so is uninsured motorist.
I don't have the extra uninsured motorist. But I have strong short term disability, long term disability, and life insurance.
If liability is your main concern, you should be good at the $57/mo.
Posted on 2/5/24 at 8:56 am to DiamondDog
1) do you have anything of risk to lose
2) is the risk of losing everything and starting over worth the $112/mo
Insurance is risk management....need to decide if its worth it to you
In my previous house i was in flood zone X but close enough to Zone AE that i bought flood insurance. came very close in 2016 to getting water in my house (2" away). Knowing if it got in i have coverage was well worth the the cost of the yearly policy.
Get in a big accident and the stress level waiting to see if you auto policy is maxed and they may or may not go for your assets/wage garnishments would be worth he $115/mo to me. Especially if you have teen drives that would increase your risk exposure....
2) is the risk of losing everything and starting over worth the $112/mo
Insurance is risk management....need to decide if its worth it to you
In my previous house i was in flood zone X but close enough to Zone AE that i bought flood insurance. came very close in 2016 to getting water in my house (2" away). Knowing if it got in i have coverage was well worth the the cost of the yearly policy.
Get in a big accident and the stress level waiting to see if you auto policy is maxed and they may or may not go for your assets/wage garnishments would be worth he $115/mo to me. Especially if you have teen drives that would increase your risk exposure....
Posted on 2/5/24 at 9:30 am to BamaCoaster
Yep the OP is getting ripped off
I have a $3m UP and it’s about $500 a year
I have a $3m UP and it’s about $500 a year
Posted on 2/5/24 at 9:44 am to masoncj
quote:
I have a $3m UP and it’s about $500 a year
I imagine where you live has something to do with this whereas someone like me in Louisiana with 2 teen drivers may not be as lucky
Posted on 2/5/24 at 12:23 pm to achenator
I have a 18 year daughter and live in GA
Premium that was referenced is still high
Find a broker and shop it for sure
Premium that was referenced is still high
Find a broker and shop it for sure
Posted on 2/5/24 at 8:09 pm to DiamondDog
Most insurance isn’t “necessary” for most but everyone should have it.
I have $3 million for about $400/year
I have $3 million for about $400/year
Posted on 2/5/24 at 9:39 pm to DiamondDog
If you have substantial assets to protect, yes.
Posted on 2/6/24 at 6:13 am to DiamondDog
quote:That's steep. e.g., we carry $10M for ~$108/mo.
$112/mo for $1MM.
Posted on 2/6/24 at 9:48 am to DiamondDog
Agree with others that your premium is higher than what I pay. At a minimum, pay annually to reduce your cost. Most insurance policies of all types charge a fee for installment payments. I think around $10/payment.
Primary question is hard to answer. Assets, types of income (do you own a business or rental properties), risk tolerance, and driving record all factor in.
I have been fortunate financially and have carried an umbrella for 20+ years.
Primary question is hard to answer. Assets, types of income (do you own a business or rental properties), risk tolerance, and driving record all factor in.
I have been fortunate financially and have carried an umbrella for 20+ years.
Posted on 2/6/24 at 4:16 pm to DiamondDog
Paying $122/month for a $1MM umbrella policy?? I hope the agent at least gave you an over-the-pants handie. That’s terrible.
Posted on 2/6/24 at 6:02 pm to NC_Tigah
quote:
That's steep. e.g., we carry $10M for ~$108/mo.
People keep saying this but who is providing these quotes?
Someone mentioned RLI and they were somewhat better but still $1000 a year.
Page 2 of 3
Popular
Back to top
Follow TigerDroppings for LSU Football News