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queensgal
Smile
Member since 4/09 3287 total posts
Name:
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Umbrella insurance
The topic of adulting came up at work today.
Do you have an umbrella policy? How much coverage?
Seems popular consensus is that I need this from my work buddies.
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Posted 7/1/20 9:28 PM  |
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Long Island Weddings
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Mill188
LIF Adult
Member since 3/09 3072 total posts
Name:
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Umbrella insurance
Yes. We have an umbrella policy with $2 million limits. It’s relatively inexpensive. Maybe $450 per year
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| Posted 7/1/20 9:33 PM |
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NervousNell
Just another chapter in life..
Member since 11/09 54917 total posts
Name:
..being a mommy and being a wife!
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Re: Umbrella insurance
Yes, I think it's for $1 million
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| Posted 7/1/20 9:37 PM |
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Mrs213
????????
Member since 2/09 18986 total posts
Name:
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Umbrella insurance
No
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| Posted 7/2/20 6:21 AM |
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ali120206
2 Boys
Member since 7/06 17789 total posts
Name:
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Umbrella insurance
Yes - for $1m. It's bundled with our auto and home and is relatively cheap for the amount of coverage.
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| Posted 7/2/20 8:03 AM |
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Blazesyth
*yawn*
Member since 5/05 8129 total posts
Name:
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Umbrella insurance
Yes - 1 million. I think the policy is 300.00
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| Posted 7/2/20 8:12 AM |
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valentinesbaby
LIF Adult
Member since 2/20 900 total posts
Name:
Valentines
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Re: Umbrella insurance
Do you think you have a worth that much (close to a million) to have it? What would you need it for?
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| Posted 7/2/20 8:29 AM |
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NervousNell
Just another chapter in life..
Member since 11/09 54917 total posts
Name:
..being a mommy and being a wife!
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Re: Umbrella insurance
Posted by valentinesbaby
Do you think you have a worth that much (close to a million) to have it? What would you need it for?
I was of the understanding that if someone gets injured on your property or in a car accident and sues you, the umbrella covers over the limits of your car and homeowner's insurance for liability like that.
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| Posted 7/2/20 8:36 AM |
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valentinesbaby
LIF Adult
Member since 2/20 900 total posts
Name:
Valentines
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Re: Umbrella insurance
Posted by NervousNell
Posted by valentinesbaby
Do you think you have a worth that much (close to a million) to have it? What would you need it for?
I was of the understanding that if someone gets injured on your property or in a car accident and sues you, the umbrella covers over the limits of your car and homeowner's insurance for liability like that.
I would think you would only have to pay your deductible for both of those which you can determine how much that is and they usually determine how much insurance you need for your situation in life.
Maybe an insurance agent can answer this better.
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| Posted 7/2/20 8:43 AM |
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NervousNell
Just another chapter in life..
Member since 11/09 54917 total posts
Name:
..being a mommy and being a wife!
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Re: Umbrella insurance
Posted by valentinesbaby
Posted by NervousNell
Posted by valentinesbaby
Do you think you have a worth that much (close to a million) to have it? What would you need it for?
I was of the understanding that if someone gets injured on your property or in a car accident and sues you, the umbrella covers over the limits of your car and homeowner's insurance for liability like that.
I would think you would only have to pay your deductible for both of those which you can determine how much that is and they usually determine how much insurance you need for your situation in life.
Maybe an insurance agent can answer this better.
Yes, my brother in law owns an insurance agency and he advised us to get it.
If your policy covers you for personal injury in a car accident up to $1 million dollars say and you cause grievous injury and someone sues you for $2 million- the umbrella policy covers the difference.
Same with injury at your home.
For the cost of the umbrella policy, we felt it was worth it.
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| Posted 7/2/20 8:49 AM |
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valentinesbaby
LIF Adult
Member since 2/20 900 total posts
Name:
Valentines
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Re: Umbrella insurance
Posted by NervousNell
Posted by valentinesbaby
Posted by NervousNell
Posted by valentinesbaby
Do you think you have a worth that much (close to a million) to have it? What would you need it for?
I was of the understanding that if someone gets injured on your property or in a car accident and sues you, the umbrella covers over the limits of your car and homeowner's insurance for liability like that.
I would think you would only have to pay your deductible for both of those which you can determine how much that is and they usually determine how much insurance you need for your situation in life.
Maybe an insurance agent can answer this better.
Yes, my brother in law owns an insurance agency and he advised us to get it.
If your policy covers you for personal injury in a car accident up to $1 million dollars say and you cause grievous injury and someone sues you for $2 million- the umbrella policy covers the difference.
Same with injury at your home.
For the cost of the umbrella policy, we felt it was worth it.
Ahh ok. Thanks, might have to look into it.
I think many should look into life insurance too as the amount of gofundme’ I see are crazy for people who can’t afford funerals :(
Message edited 7/2/2020 8:56:56 AM.
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| Posted 7/2/20 8:56 AM |
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SLPRunner
LIF Adult
Member since 12/13 1101 total posts
Name:
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Re: Umbrella insurance
Ahh ok. Thanks, might have to look into it.
I think many should look into life insurance too as the amount of gofundme’ I see are crazy for people who can’t afford funerals :(
Yes and a will too! My mom did not have a will and she passed away in October. She did not have a ton of assets. But it's a been a real pain in the butt, especially since I have 2 other siblings.
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| Posted 7/2/20 9:08 AM |
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queensgal
Smile
Member since 4/09 3287 total posts
Name:
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Re: Umbrella insurance
Posted by NervousNell
Posted by valentinesbaby
Posted by NervousNell
Posted by valentinesbaby
Do you think you have a worth that much (close to a million) to have it? What would you need it for?
I was of the understanding that if someone gets injured on your property or in a car accident and sues you, the umbrella covers over the limits of your car and homeowner's insurance for liability like that.
I would think you would only have to pay your deductible for both of those which you can determine how much that is and they usually determine how much insurance you need for your situation in life.
Maybe an insurance agent can answer this better.
Yes, my brother in law owns an insurance agency and he advised us to get it.
If your policy covers you for personal injury in a car accident up to $1 million dollars say and you cause grievous injury and someone sues you for $2 million- the umbrella policy covers the difference.
Same with injury at your home.
For the cost of the umbrella policy, we felt it was worth it.
This all makes sense and I realize you aren’t a professional but here’s my question:
Can anyone sue you for any amount? Like what if the person above sued you for $3 million? Then what?
The only experience I have in this is when DH was badly hurt in an accident and won a lawsuit his award was capped by the state limits in Georgia which wasn’t a lot. Our NY attorney said it would have been a multi million dollar injury in NY. But this is anecdotal.
I think I will add the coverage but is 1 million enough? Is 2? I guess my question is, how do you know?
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| Posted 7/2/20 11:35 AM |
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ali120206
2 Boys
Member since 7/06 17789 total posts
Name:
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Re: Umbrella insurance
Posted by queensgal
Posted by NervousNell
Posted by valentinesbaby
Posted by NervousNell
Posted by valentinesbaby
Do you think you have a worth that much (close to a million) to have it? What would you need it for?
I was of the understanding that if someone gets injured on your property or in a car accident and sues you, the umbrella covers over the limits of your car and homeowner's insurance for liability like that.
I would think you would only have to pay your deductible for both of those which you can determine how much that is and they usually determine how much insurance you need for your situation in life.
Maybe an insurance agent can answer this better.
Yes, my brother in law owns an insurance agency and he advised us to get it.
If your policy covers you for personal injury in a car accident up to $1 million dollars say and you cause grievous injury and someone sues you for $2 million- the umbrella policy covers the difference.
Same with injury at your home.
For the cost of the umbrella policy, we felt it was worth it.
This all makes sense and I realize you aren’t a professional but here’s my question:
Can anyone sue you for any amount? Like what if the person above sued you for $3 million? Then what?
The only experience I have in this is when DH was badly hurt in an accident and won a lawsuit his award was capped by the state limits in Georgia which wasn’t a lot. Our NY attorney said it would have been a multi million dollar injury in NY. But this is anecdotal.
I think I will add the coverage but is 1 million enough? Is 2? I guess my question is, how do you know?
I would discuss with your insurance agent/company. They will be able to advise you.
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| Posted 7/2/20 11:47 AM |
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chilltocam
LIF Adult
Member since 11/11 9141 total posts
Name:
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Re: Umbrella insurance
Posted by queensgal
Posted by NervousNell
Posted by valentinesbaby
Posted by NervousNell
Posted by valentinesbaby
Do you think you have a worth that much (close to a million) to have it? What would you need it for?
I was of the understanding that if someone gets injured on your property or in a car accident and sues you, the umbrella covers over the limits of your car and homeowner's insurance for liability like that.
I would think you would only have to pay your deductible for both of those which you can determine how much that is and they usually determine how much insurance you need for your situation in life.
Maybe an insurance agent can answer this better.
Yes, my brother in law owns an insurance agency and he advised us to get it.
If your policy covers you for personal injury in a car accident up to $1 million dollars say and you cause grievous injury and someone sues you for $2 million- the umbrella policy covers the difference.
Same with injury at your home.
For the cost of the umbrella policy, we felt it was worth it.
This all makes sense and I realize you aren’t a professional but here’s my question:
Can anyone sue you for any amount? Like what if the person above sued you for $3 million? Then what?
The only experience I have in this is when DH was badly hurt in an accident and won a lawsuit his award was capped by the state limits in Georgia which wasn’t a lot. Our NY attorney said it would have been a multi million dollar injury in NY. But this is anecdotal.
I think I will add the coverage but is 1 million enough? Is 2? I guess my question is, how do you know?
Yes, in NY , anyone can sue you for any amount. Doesn't mean they will get that, but if there is a catastrophic injury, they could. MOST of the time, cases will settle for no more than the amount of insurance coverage available (depending on the liability and actual injuries, of course), BUT if there isn't sufficient coverage, a settlement (has to be agreed to) or verdict can be in excess of the amount of coverage. And there is a possibility of a lien being placed against assets and/or future earnings.
So, "how much is enough" is a difficult question to answer - probably best answered by an insurance agent and/or accountant or financial advisor. But, you should have "enough" to make you feel comfortable. Knowing that the chances of ever needing it are remote, but if you ever do need it, you'll be happy to have it. You have to weigh the pros/cons and risk/benefits for your family.
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| Posted 7/2/20 11:47 AM |
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ali120206
2 Boys
Member since 7/06 17789 total posts
Name:
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Re: Umbrella insurance
Posted by SLPRunner
Ahh ok. Thanks, might have to look into it.
I think many should look into life insurance too as the amount of gofundme’ I see are crazy for people who can’t afford funerals :(
Yes and a will too! My mom did not have a will and she passed away in October. She did not have a ton of assets. But it's a been a real pain in the butt, especially since I have 2 other siblings.
Yes - definitely get life insurance and a will. Especially since you have kids - you want to make sure that your wishes for their care are honored. And the life insurance will help cover their expenses (and funeral expenses).
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| Posted 7/2/20 11:48 AM |
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MarathonKnitter
HAPPY
Member since 2/07 17374 total posts
Name:
EMBRACING CHANGE
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Re: Umbrella insurance
if you're a homeowner, definitely look into it!
and i second the post on life insurance.
it's crazy how many people refuse to do the bare bones basics for those they will leave behind. even when i was making $12/hr as a single-mom, i had my small life insurance policy. i didn't want to leave my son an orphan and my family with the burden of burying my body.
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| Posted 7/2/20 12:00 PM |
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queensgal
Smile
Member since 4/09 3287 total posts
Name:
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Re: Umbrella insurance
We are all set on life insurance. We have plenty plus our kids will inherit our assets if we both pass.
We have a Will but I think we need to update it. I’m going to discuss with my brother in law who’s a lawyer this weekend.
Now that I’ve cleaned my closets I’m moving onto the adulting portion of quarantine. Lol.
Honestly, we need to do a better job of teaching this stuff in high school. At least the basic concepts. If you didn’t grow up with financially responsible parents, it’s tough to learn on your own.
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| Posted 7/2/20 12:07 PM |
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LSP2005
Bunny kisses are so cute!
Member since 5/05 19453 total posts
Name:
L
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Re: Umbrella insurance
You can get umbrella insurance for $1m for about $220-250. If you have a home with a value of over $500k, two cars, and any savings it is important to have umbrella insurance.
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| Posted 7/2/20 12:27 PM |
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2girlsforme
LIF Adult
Member since 8/06 3071 total posts
Name:
XXXXXXXXX
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Re: Umbrella insurance
I have 5 million. The difference in cost between 3 million and 5 million was not that great. I have high deductibles on my homeowners and cars, as I’m willing to self insure up to a certain amount. However, I’m a big believer in covering my proverbial ass in terms of liability.
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| Posted 7/3/20 1:24 PM |
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ChristineG
LIF Infant
Member since 4/19 54 total posts
Name:
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Umbrella insurance
Don’t know much about umbrella insurance, will have to speak with FH. But everyone should absolutely get some sort of life insurance. FH is in the business & I have heard so many horror stories over the years.
Message edited 7/3/2020 7:01:34 PM.
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| Posted 7/3/20 6:01 PM |
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MrsG823
Just call me Mommy.
Member since 1/11 5570 total posts
Name:
S
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Umbrella insurance
Yes, the policy is for 1 million and it is what my insurance broker recommended based on our home and risk.
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| Posted 7/4/20 5:51 PM |
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