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Old 11-24-2014, 11:17 AM   #21
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They told me their umbrella policies were only auto-related.

I wonder if the person that provided a quote for me really knew what kind of policies they had.
From my experience they are willing to do an umbrella if they hold the auto policy, but do not require a homeowners policy with them. They do check on the other policy however
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Old 11-24-2014, 11:33 AM   #22
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Originally Posted by Walt34 View Post
We also have a $1 million umbrella policy for the above stated reasons.

A benefit often not mentioned is that it also gets you the attention of some expensive insurance company attorneys right out of the gate since the insurance company is potentially on the hook for that amount.
Same $1M umbrella policy for same reasons as others.

Walt, I did not think about that, but you make a lot of sense!
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Old 11-24-2014, 12:09 PM   #23
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Originally Posted by LoneAspen View Post
They told me their umbrella policies were only auto-related.

I wonder if the person that provided a quote for me really knew what kind of policies they had.
I was told that as long as I had an auto or home policy with them, they would sell me an Umbrella policy. There was no problem, because I already had both policy with them. I don't know whether they would provide an Umbrella policy if I had auto and home owner's with a different company.
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Old 11-24-2014, 12:09 PM   #24
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Indeed.. I think the more expensive part was raising the auto insurance.. probably where some people really get bit. I was worried about other things (home/rentals) .. but now feel a bit better, with $2M+ on everything.
Interesting as that was only a few dollars more to double my previous auto liability coverage. You may have been grossly under-insured for your situation. In my state, the state mandatory minimum coverage is $30K per accident but given my assets, 10x that would be much more prudent.
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Old 11-24-2014, 06:16 PM   #25
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About the only thing I can add to the conversation would be to not advertise or tell anybody you have a lot of extra coverage. Some people may be looking for an easy lawsuit to get money and you may be it.
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Old 11-25-2014, 04:05 AM   #26
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They told me their umbrella policies were only auto-related.
I'm a retired actuary and this sounds strange. Every umbrella policy I've seen has provided multiple types of coverage. The ones I've purchased were all auto plus homeowners. Otherwise, why not just buy higher auto liability limits?

One reason the umbrella insurer likes to provide the underlying coverage as well is that in the event of a major claim there's no argument as to how a settlement will be shared between the primary and umbrella insurers. It also means that the coverage wording is consistent on both policies. I've heard, for example, that some of the cheaper auto policies don't use standard wording for who's covered if you loan your car out and they loan it to someone else, for example. Umbrella insurers want to avoid having to "drop down" and pay the full claim on a case covered by their umbrella wording but not by the primary policy.
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Old 11-25-2014, 06:14 AM   #27
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What if you have a revocable living trust? Would this protect your assets? Is anything already protected from liability suits - home, car, pension, IRA?

Cheers!
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Old 11-25-2014, 10:56 AM   #28
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What if you have a revocable living trust? Would this protect your assets? Is anything already protected from liability suits - home, car, pension, IRA?

Cheers!
I am not a lawyer, but this seems to only protect assets. You could still be personally on the hook for a substantial liability payment.
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