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Old 12-30-2013, 07:31 PM   #21
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Like other, I bumped up more 1 million in coverage.......currently at 5m.
Cheap if you have a reasonable number of assets.
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Old 12-30-2013, 07:34 PM   #22
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Originally Posted by Dawg52 View Post
I've heard some say not to over do it either for the following reasons. Here is a link to the argument. I have a 1 million policy and my agent has pestered me to up. Thought about it, but haven't done it.

How Does An Umbrella Policy Work And How Much Does It Cost? | Financial Samurai



How much insurance you have can easily be found via public records. If you are deemed at fault in an accident, by the time a lawyer calls you they will know exactly how much insurance coverage you have. If you have a net worth of $1 million, but have an umbrella policy of $5 million, guess what? The lawyer is going to be way more motivated to go after $5 million!

The irony is, if you had no umbrella policy and only an auto insurance liability coverage of $300,000, the lawyer may not want to pursue, or will go for a maximum of $300,000, even if you have millions of dollars in net worth. This now becomes a game of how good you are at hiding your assets!

Insurance companies also don’t want you to have more umbrella policy than you need due to their liability reasons obviously. You pay the monthly or yearly premiums, but they pay the full amount. The good thing to note is that the higher your umbrella policy, the more inclined your insurance company will be to fight for your rights!
Can anyone confirm this?
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Old 12-30-2013, 07:36 PM   #23
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Definitely yes. Pretty cheap for the peace of mind it provides.
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Old 12-30-2013, 07:39 PM   #24
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We have a two million dollar umbrella insurance policy, wouldn't leave home without it. Wouldn't let anyone step on our property without it. Cost is $401 per year.
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Old 12-30-2013, 08:31 PM   #25
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We have $1 million and will increase to $2 million when our net worth surpasses $1 million. Silly not to have the protection when it's so cheap.
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personal liability policy yes or no?
Old 12-30-2013, 08:35 PM   #26
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personal liability policy yes or no?

Has anyone ever needed to use the insurance? Does it kick in after the car and homeowners (whichever applies) maxes out?

Never mind, Dawg's link answered the question, it kicks in after the car or homeowners insurance pays.
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Old 12-30-2013, 08:49 PM   #27
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I'm sure those six pit bulls, two trampolines, your 10 meter diving board plus your sky diving, rock climbing and auto racing hobbies have some impact on your premium.
which means I should not complain if any of that were true, but I do not possess or enjoy any of those things! And other than the loose pitbulls and trampolines that might be used by guests, how does the rest of the above imply a liability to another party?

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Shop around. We have an umbrella policy and this year the premium was going up significantly. I had my agent look around and ended up the same coverage for less than half of the upcoming premium.
Well, I have the 2 home policies and 5 vehicles (4 cars+motorhome) all with 1 company. I guess instead of getting a break, the "stuff" that I have causes the higher premium. I can get rid of the 2 extra cars, but wonder if it would make a dent in the premium.
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Old 12-30-2013, 08:53 PM   #28
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I have a $3M policy for $650/yr. It's higher because of our two rental properties. I'm considering bumping it up to $5M sometime soon.
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Old 12-30-2013, 08:58 PM   #29
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And other than the loose pitbulls and trampolines that might be used by guests, how does the rest of the above imply a liability to another party?
Impact damage.
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Old 12-30-2013, 10:48 PM   #30
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Yes we have umbrella coverage, and yes we think it is necessary.
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Old 12-30-2013, 10:56 PM   #31
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Can anyone confirm this?
I would not think that the insurance coverage that you carry is public records since your insurance contract is a private contract between you and the carrier. I don't see where it would be or how an unauthorized party could access that information.
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Old 12-30-2013, 11:03 PM   #32
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Has anyone ever needed to use the insurance? Does it kick in after the car and homeowners (whichever applies) maxes out?

Never mind, Dawg's link answered the question, it kicks in after the car or homeowners insurance pays.
My parents have been sued at least 3 times for amounts that got into the umbrella level. All of these cases were settled for peanuts, but the umbrella coverage gave lots of peace of mind and meant that the insurance company wheeled out some very nasty legal talent to defend them.
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Old 12-30-2013, 11:08 PM   #33
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I've just added for $333/year. With existing home & car coverage, I am covered up to $1.5M. When I decided to add it, I was thinking of Murphy's law & the fact that I get absent minded sometimes while I am driving.
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Old 12-30-2013, 11:08 PM   #34
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I would not think that the insurance coverage that you carry is public records since your insurance contract is a private contract between you and the carrier. I don't see where it would be or how an unauthorized party could access that information.
That is my impression as well. Unless documents are recorded, i think you would have to have moles in every insurance carrier in the US to find the info.
But somebody may school us, who knows.
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Old 12-31-2013, 12:10 AM   #35
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We carry a $2 million dollar policy. I think it is two hundred something a year. I suppose I should bump this up to $3 million.

I worked with a guy who had just paid of his mortgage and a few months later a little girl ran out into his lane and he hit her with his car. The little girl was in the hospital for a couple of weeks. I don't know why they found him liable as she was not in a crosswalk and he was not speeding. At any rate, her hospital bills exceeded his automobile insurance and he had to take out a new mortgage to pay the rest of the hospital bill.
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Old 12-31-2013, 01:56 AM   #36
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Just checked our coverage. Looks like $2million for $332 per year. Maybe a little lite I think. $5million sounds safer to me. Will look into it.
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Old 12-31-2013, 05:57 AM   #37
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I have one million for 138 dollars a year. so maybe not as bad as I thought. considering what you guys are saying maybe will check the cost for two million. thanks for all the input.

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Old 12-31-2013, 06:44 AM   #38
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We pay about $180 a year for 1mm. We need to up it though as this would not cover our assets. IMO you should insure for whatever your assets are, or if you're young with a good income, think about having a major judgement hanging onto your income. My father always said that when you need it, the best insurance isn't good enough; also insisted that if you had a choice to drive without a license or insurance, take the insurance. Not sure about that one.
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Old 12-31-2013, 07:41 AM   #39
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I have 2 MM and it cost about $20 a month. Totally worth it in my opinion.
Same here. Cheap peace of mind.
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Old 12-31-2013, 08:09 AM   #40
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2MM umbrella here. Cost is worth the piece of mine
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