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Old 03-01-2016, 01:29 PM
Sneeky Sneeky is offline
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Is it wise for the average person to have an umbrella (insurance) policy of like $1M or more?
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Old 03-01-2016, 01:53 PM
shadowman31 shadowman31 is offline
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Yes-- if you have ANY sort of assets.

(oftentimes this can be part of "homeowner's coverage," if applicable to you)
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Old 03-01-2016, 03:14 PM
Old Desert Dog Old Desert Dog is offline
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Quote:
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Yes-- if you have ANY sort of assets.

(oftentimes this can be part of "homeowner's coverage," if applicable to you)
Yep. I carry one on my farm/ranch and another on my rental building. There are plenty of shyster lawyers and clients just looking to pick you clean.
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Old 03-01-2016, 03:23 PM
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I have an umbrella policy.
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Old 03-01-2016, 06:01 PM
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I have one for 1.75mil to cover my assets, 5 rentals and my primary residence, it's around $700 a year and I write it off. I drive a '72 el Camino and the liability premium went from $250 to $600 on it, the agent said a moving vehicle is my biggest liabilty
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Old 03-02-2016, 11:24 AM
Sneeky Sneeky is offline
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How does one calculate how much umbrella insurance you should have? I'll ask my agent, but she has a bias!
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Old 03-02-2016, 11:34 AM
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I added it. I carry home auto umbrella. Statefarm
It only increased my total monthly costs a few dollars, as it lowered my auto and home insurance each a bit. Was a few requirements at least two vehicles add quake policy been with state farm over 30 years
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Old 03-02-2016, 03:06 PM
T-Rex T-Rex is offline
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We added one when we got horses.
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Old 03-02-2016, 03:14 PM
PoorRichard05 PoorRichard05 is online now
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I had one when I owned rental property. Agents have told me unless I had a reason to have one I really didnt need one. But there are a lot of reasons to have one, substantial assets, rental property, etc. If I recall correctly it was $7 a month for $1 million in coverage.
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Old 03-02-2016, 04:03 PM
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As has been said, if you have assets you should have one. Let's say you tee bone a $200,000 RV and total it, but only have a $50,000 property insurance policy. You have to pay the other $150,000 out of pocket.
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Old 03-02-2016, 04:41 PM
tom42 tom42 is offline
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Default umbrella policy

Have one for years.We live somewhat near a few bad urban zones, with lots of ambulance-chaser lawyers.
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Old 03-02-2016, 05:21 PM
gdf gdf is offline
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Quote:
Originally Posted by Sneeky View Post
How does one calculate how much umbrella insurance you should have? I'll ask my agent, but she has a bias!
I'm just a homeowner with a $1million umbrella. a financial planner told me to talk to my agent and increase it, my agent advised me against it, said he had never seen a reward over a million.
So maybe your agent =will= give it to you straight.
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Old 03-02-2016, 05:21 PM
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I have a 5 million umbrella policy for about 8 years now. Used to cost me about 200 bucks a year more but it is about 300+ bucks now. I get to write it off since I have rental property and it lowers my car insurance coverage policy and I sleep better knowing I'm covered.
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Old 03-03-2016, 04:45 AM
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Quote:
Originally Posted by Sneeky View Post
How does one calculate how much umbrella insurance you should have? I'll ask my agent, but she has a bias!
I have $1,000,000 umbrella policy for home/vehicle. That may be a basic plan, not for sure. I don't know how to tell you to calculate what your needs are.

I can tell you this, my agent said my homeowners and auto coverage should cover me, but that the umbrella policy is for things such as excessive property damage in an accident, extra medical costs, lawsuits (someone hurt on my property or car accident), and insurance company provides attorneys to defend you (and themselves) in a lawsuit.

It is a separate policy and bill, and I think I pay something like about $70 a year. I do know that my insurer requires that you have both a home and a vehicle under coverage with them in order to have their umbrella policy.

Hope that helps you.
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Old 03-03-2016, 05:54 AM
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When my oldest son started driving I got the umbrella policy. A co-worker recommended it. He had it because he had built a rather sizable nest egg. When his son started driving he got into a crash and seriously injured a passenger. He was sued and lost. His umbrella policy covered it all. He told me that he was still friends with the person who sued him and they deserved the entire pay out, so I'm assuming the passenger was probably invalid, horribly disfigured, or dead.
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Old 03-03-2016, 07:22 AM
francessanne francessanne is offline
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I have a two million dollar umbrella policy. for the couple hundred bucks a year, id rather have it than not.
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Old 03-03-2016, 08:02 AM
txprep txprep is offline
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mine is 3 million
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Old 03-03-2016, 09:46 AM
ncbill ncbill is offline
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Added a $2 million umbrella for the same reason, but not as cheaply as others have reported (nearly $500/year).

The above doesn't count the cost of increasing my auto coverage to $500,000/$500,000, which the insurer required before they'd sell me an umbrella policy.

Quote:
Originally Posted by me View Post
When my oldest son started driving I got the umbrella policy. A co-worker recommended it. He had it because he had built a rather sizable nest egg. When his son started driving he got into a crash and seriously injured a passenger. He was sued and lost. His umbrella policy covered it all. He told me that he was still friends with the person who sued him and they deserved the entire pay out, so I'm assuming the passenger was probably invalid, horribly disfigured, or dead.
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Old 03-03-2016, 11:14 AM
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I have two umbrella policies. One personally and another one on my rental properties. Both are $1 million.
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Old 03-03-2016, 01:59 PM
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Without question, you should reach out to your insurance agent and get some appropriate level of coverage. I'm surprised your agent hasn't been reaching out to you about this type of policy.
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