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greenfreak
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Member since 9/06 11483 total posts
Name:
greenfreak
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Homeowners: do you have an umbrella policy?
Just curious. Our renewal is in a week and I was just thinking about what a fiend I am about insurance. I used to be a broker and could tell you stories about how insurance saved people's @sses. So I'm careful about it.
Do you have an umbrella policy?
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Posted 10/30/09 9:27 AM  |
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Prudential Douglas Elliman Real Estate
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Lisa
I'm a PANK!!!
Member since 5/05 22334 total posts
Name:
Professional Aunts No Kids
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Re: Homeowners: do you have an umbrella policy?
Yes we do. We added it a few years ago when we redid all of our insurance policies.
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| Posted 10/30/09 9:28 AM |
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Cpt2007
A new love!
Member since 1/08 5946 total posts
Name:
Liz
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Re: Homeowners: do you have an umbrella policy?
Yep! Got one via Travelers/GEICO with the rest of our insurance. It's a $2M umbrella. You can never be too careful in my opinion.
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| Posted 10/30/09 9:29 AM |
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Aries14
Can't plan life...
Member since 8/08 2860 total posts
Name:
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Re: Homeowners: do you have an umbrella policy?
if you don't mind sharing, how much do you guys pay a month for an umbella policy and does it cover cars too?
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| Posted 10/30/09 9:34 AM |
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jen919ifer
LIF Adolescent
Member since 7/08 803 total posts
Name:
Jennifer
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Re: Homeowners: do you have an umbrella policy?
Am Umbrella policy is good to have, esp with the way people sure today...
Just make sure your auto liability limits are high enough, so you do not have a gap. Most umbrella policies require your auto policy to have at least 250/500 or 500 csl for bodily injury
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| Posted 10/30/09 9:51 AM |
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greenfreak
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Member since 9/06 11483 total posts
Name:
greenfreak
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Re: Homeowners: do you have an umbrella policy?
Posted by Aries14
if you don't mind sharing, how much do you guys pay a month for an umbella policy and does it cover cars too?
I have everything with State Farm because I got a multi policy discount. I believe our umbrella is either $200 or 240 for the year.
Like the PP said, you have to bring the liability limits of your auto and home policies up to qualify for the umbrella. I believe mine are 500k.
We had a client who owned a well known car dealership that had a teenager get into an accident. The family of the other kid in the car sued them for all they were worth and the umbrella was the only thing that kept them from going bankrupt and losing it all.
Umbrellas weren't that common then (which is why I'm curious about it now) but my boss had pushed them into it, saying it's only a couple of hundred a year.
Needless to say, we got a huge gift basket from them for the holidays that year! 
Message edited 10/30/2009 10:08:38 AM.
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| Posted 10/30/09 10:07 AM |
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princess99
LIF Adult
Member since 5/05 3944 total posts
Name:
ME
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Re: Homeowners: do you have an umbrella policy?
We have one, we always did. Better safe then sorry. JMHO
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| Posted 10/30/09 10:12 AM |
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evnme
My little lamb
Member since 8/05 12633 total posts
Name:
aka momma2b
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Re: Homeowners: do you have an umbrella policy?
yes we do
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| Posted 10/30/09 3:36 PM |
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JBmommy
LIF Infant
Member since 8/09 252 total posts
Name:
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Re: Homeowners: do you have an umbrella policy?
YES we do.. its for $1 mil. Our is closer to $500 a year, but we have 3 cars, a boat, home and a vacation home on the coverage.
Message edited 10/30/2009 3:41:53 PM.
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| Posted 10/30/09 3:40 PM |
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mathteach
Roll Tide!
Member since 8/08 3169 total posts
Name:
Christine
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Re: Homeowners: do you have an umbrella policy?
We pay about $300 for the year which is nothing per month. My good friend was in a dd accident and the drunk pushed her car into oncoming traffic so everyone that hit her has to sue her and not the original drunk. He has nothing anyway and she's going to lose her house. I called Geico almost immediately.
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| Posted 10/30/09 5:07 PM |
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Xelindrya
Mommy's little YouTube Star!
Member since 8/05 14470 total posts
Name:
Veronica
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Re: Homeowners: do you have an umbrella policy?
not a homeowner yet but I want to say I truly believe in Umbrella policies.
I am a broker right now and you're right it has saved sooooooooo many people so much heart ache.
I have it over my renters, cars, and the condo my hubby's name is on.
Its about $250 a year
In the day and age of USA (U Sue Anyone) I think its much better to be safe than sorry.
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| Posted 10/30/09 6:34 PM |
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sunflowerjesss
Mommy to 3!
Member since 10/05 20369 total posts
Name:
Jesss, duh.
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Re: Homeowners: do you have an umbrella policy?
Yes we do.
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| Posted 10/30/09 9:21 PM |
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Re: Homeowners: do you have an umbrella policy?
We did even when we were renters..so, yes, we have one now that we own our home..
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| Posted 10/30/09 9:28 PM |
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cg511
LIF Infant
Member since 8/06 262 total posts
Name:
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Re: Homeowners: do you have an umbrella policy?
We have one for $1M and it costs about $300/yr. We have it through Geico. Definately a good idea.
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| Posted 10/31/09 7:24 AM |
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rkoenke
my little piggys
Member since 3/08 4315 total posts
Name:
rachel
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Re: Homeowners: do you have an umbrella policy?
i don't know what it is. what is it for? please enlighten me.
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| Posted 10/31/09 8:07 AM |
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pharmcat2000
Mom of 2 + 1
Member since 10/05 7395 total posts
Name:
Catherine
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Re: Homeowners: do you have an umbrella policy?
I have one through GEICO too. I'm pretty sure it is for $2M. It costs $200-some-odd per year.
Interesting about the car liability limits -- I have to check my policies. I didn't even realize that. I have my car policies from GEICO too so I'd hope they checked that for me but I'm going to double check myself.
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| Posted 11/1/09 3:07 AM |
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maymama
my little loves
Member since 8/08 18453 total posts
Name:
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Re: Homeowners: do you have an umbrella policy?
yes, through travelers  i dont know the details since DH handles the insurance but we do have one
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| Posted 11/1/09 11:05 AM |
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Nifheim
allo
Member since 1/09 5476 total posts
Name:
Jennifer
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Re: Homeowners: do you have an umbrella policy?
wow i am surprised my parents didn't tell me this when i went shopping for insurance - i will be asking my agent about it that and i think its called mortgage insurance so if one of us dies the house is not lost.
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| Posted 11/1/09 11:49 AM |
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greenfreak
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Member since 9/06 11483 total posts
Name:
greenfreak
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Re: Homeowners: do you have an umbrella policy?
Posted by rkoenke
i don't know what it is. what is it for? please enlighten me.
Mostly for litigation that exceeds the limits of your liability on your home/auto insurance. Let's say you have 500,000 on your auto liability and you're in a (God forbid) really serious accident and they sue you and win for 750,000. Where does the extra 250k come from? If you have an umbrella, it comes from there.
It covers all liability so even if, let's say, someone slips on your property, again the umbrella would kick in over and above your homeowner's policy.
I only know a few people personally who have had to use it but the umbrellas are generally affordable.
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| Posted 11/1/09 6:26 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Homeowners: do you have an umbrella policy?
We have $2mm. We pay about $500 a year.
My parents always had it. With two kids driving under their auto insurance they had to.
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| Posted 11/1/09 7:03 PM |
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ali120206
2 Boys
Member since 7/06 17796 total posts
Name:
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Re: Homeowners: do you have an umbrella policy?
We have one too. The annual cost is nominal for the amount of coverage we have.
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| Posted 11/1/09 7:41 PM |
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dapnkap
Our 3 angels
Member since 7/07 4824 total posts
Name:
Karen
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Re: Homeowners: do you have an umbrella policy?
Yes, we do and I think we pay $250 a year for it.
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| Posted 11/2/09 9:03 AM |
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rkoenke
my little piggys
Member since 3/08 4315 total posts
Name:
rachel
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Re: Homeowners: do you have an umbrella policy?
Posted by greenfreak
Posted by rkoenke
i don't know what it is. what is it for? please enlighten me.
Mostly for litigation that exceeds the limits of your liability on your home/auto insurance. Let's say you have 500,000 on your auto liability and you're in a (God forbid) really serious accident and they sue you and win for 750,000. Where does the extra 250k come from? If you have an umbrella, it comes from there.
It covers all liability so even if, let's say, someone slips on your property, again the umbrella would kick in over and above your homeowner's policy.
I only know a few people personally who have had to use it but the umbrellas are generally affordable.
This is what i don't get... if someone sues me for 750K and wins and i don't have it... why do they "get" it. i have nowhere to get it from...
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| Posted 11/2/09 9:18 AM |
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JBmommy
LIF Infant
Member since 8/09 252 total posts
Name:
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Re: Homeowners: do you have an umbrella policy?
Posted by rkoenke
Posted by greenfreak
Posted by rkoenke
i don't know what it is. what is it for? please enlighten me.
Mostly for litigation that exceeds the limits of your liability on your home/auto insurance. Let's say you have 500,000 on your auto liability and you're in a (God forbid) really serious accident and they sue you and win for 750,000. Where does the extra 250k come from? If you have an umbrella, it comes from there.
It covers all liability so even if, let's say, someone slips on your property, again the umbrella would kick in over and above your homeowner's policy.
I only know a few people personally who have had to use it but the umbrellas are generally affordable.
This is what i don't get... if someone sues me for 750K and wins and i don't have it... why do they "get" it. i have nowhere to get it from...
I belive they can garnish your future wages/income, etc...
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| Posted 11/2/09 10:13 AM |
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Xelindrya
Mommy's little YouTube Star!
Member since 8/05 14470 total posts
Name:
Veronica
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Re: Homeowners: do you have an umbrella policy?
Posted by rkoenke
This is what i don't get... if someone sues me for 750K and wins and i don't have it... why do they "get" it. i have nowhere to get it from...
You pay for insurance to take care of you. You dont pay if you hit someone in a car accident, your insurance does.
In the case of umbrella if your primary insurance is exhausted you have the 'umbrella' that covers you for any claims.
Another example is if you were in a car accident with multiple cars with multiple passangers. Each one has a right to sue you and will win if you're at fault. your insurance pays out as much as it can. Unless you have a combined single limit on your auto there's a limit to the amount paid per person per accident for bodily injuries.
Your umbrella would protect you from the remaining outstanding amounts due. Medical bills can get outrageous and imagine two cars with 4 ppl in each! 
So lets say you have $1M in damages and bodily injury from causing that accident. Well lets say you have $500k covered by your auto policy. But final judgement you still owe $500k. They have a right to garner your wages, if youre lucky they stop there. They can cease assets depending on how negligent you were found and frankly they can make your life a living nightmare. At the end of the day as long as you are breathing they will find a way to make you pay. A umbrella policy would in this case just step in. It pays off the remaining outstanding $500k.
The Umbrella policy protects your assets in the situtation when your insurance policies are not sufficient enough to coverage damages caused by your negligence (your liability). This could be slip and fall, vehicle, etc. Generally speaking anything insurable as a liability under your 'primary' policies, auto, home, watercraft, etc is covered by the "umbrella" policy.
Also lets not forget limits are called limits because they only renew once a term. If you were invovled in a car accident and you had enough limits the first time around, but were involved in a second accident later and ALL of your limits were exhausted in the first accident without an umbrella policy you are COMPLETELY on your own, including representation in court. With an umbrella though they step in and take over immediately.
Honestly for the small relative charge, Umbrella policies provide vital coverage in a truly worst case scenario.
In case youre wondering why not just buy higher limits on the other policies. Most policies (not umbrella form) are written to cover a class or type of insurance (auto or home) and are based on a concept of the law of large numbers. How many in a pool of people will have to use their insurance and on average how much will that cost as whole, then how much would each in this pool have to pay in to cover all expected losses.
Large pay out claims like those that hit the umbrella are not contemplated as it would drive the costs of standard insurance policies to be unaffordable and thereby creating a dangerous uninsured group. So instead insurance provides reasonable limits they can afford to calculate a risk off of. Which is also why umbrella is so much cheaper because the pool of those who buy it are generally not 'using' it as much as those who buy standard auto policies because those 'primary policies' pay first. Since there's a layer of insurance paying first, the umbrella policies can be cheaper as they will see less activity for smaller total values - generally speaking.
Hope that helps. FM me if you have any questions and I'll see if i can help.
Wow...sorry for the long post!
*shamefully hops off her insurance soap box*
Message edited 11/2/2009 10:24:38 AM.
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| Posted 11/2/09 10:22 AM |
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