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Old 05-02-2015, 06:49 PM   #61
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I suspect that the premium relates to the premium you pay for auto liability, other posters have pointed out that teen age drivers raise umbrella rates. Also living in an area where there are more auto accidents could make a difference, the higher the rate of accidents, the higher the risk. Also in some sense true of where real property is located, if a lot of foot traffic higher risk for example. (A pool might also raise the rates)
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Old 05-02-2015, 08:17 PM   #62
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We had a $1 million umbrella. We were sued by a wack job, and technically State Farm wouldn't have had to take the case, but they did. Those lawyers were bulldogs, and the case was dismissed with prejudice in a few short months. I probably would have spent $100K in legal fees if it hadn't been for them. I'll be a State Farm customer for life. We now carry a $2 million umbrella.
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Old 05-02-2015, 08:19 PM   #63
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I suspect that the premium relates to the premium you pay for auto liability, other posters have pointed out that teen age drivers raise umbrella rates. Also living in an area where there are more auto accidents could make a difference, the higher the rate of accidents, the higher the risk. Also in some sense true of where real property is located, if a lot of foot traffic higher risk for example. (A pool might also raise the rates)
True. I think there are several factors why my rate is so low: just my wife and me, both upper 40s, clean driving records; living in a rural area, not owning real property.
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Old 05-02-2015, 08:21 PM   #64
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We had a $1 million umbrella. We were sued by a wack job, and technically State Farm wouldn't have had to take the case, but they did. Those lawyers were bulldogs, and the case was dismissed with prejudice in a few short months. I probably would have spent $100K in legal fees if it hadn't been for them. I'll be a State Farm customer for life. We now carry a $2 million umbrella.
What type of lawsuit was it? Defamation or something?
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Old 05-02-2015, 09:55 PM   #65
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What type of lawsuit was it? Defamation or something?
No. It was real estate related. They were renting from us, smelled $$ and thought they'd sue us to try to get the house and/or anything else they could get their hands on. This wasn't the first time they'd tried something like this. I could write a book.
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Old 05-03-2015, 08:39 AM   #66
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We had a $1 million umbrella. We were sued by a wack job, and technically State Farm wouldn't have had to take the case, but they did. Those lawyers were bulldogs, and the case was dismissed with prejudice in a few short months. I probably would have spent $100K in legal fees if it hadn't been for them. I'll be a State Farm customer for life. We now carry a $2 million umbrella.
Out of curiosity how could State Farm have decided not to take the case, even if it was real estate related? Wouldn't that be one example of why you carry liability insurance?
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Old 05-03-2015, 09:18 AM   #67
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Out of curiosity how could State Farm have decided not to take the case, even if it was real estate related? Wouldn't that be one example of why you carry liability insurance?
No personal injury occurred - that's generally what umbrella coverage covers without blinking an eye. These people were looking for a free house, claiming it wasn't really mine because probate wasn't handled properly. If it wasn't mine, it certainly wasn't going to be theirs. But when you get sued, you get sued. The FBI was after these people for related activities. Long, unbelievable story.
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Old 05-03-2015, 11:36 AM   #68
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No personal injury occurred - that's generally what umbrella coverage covers without blinking an eye. These people were looking for a free house, claiming it wasn't really mine because probate wasn't handled properly. If it wasn't mine, it certainly wasn't going to be theirs. But when you get sued, you get sued. The FBI was after these people for related activities. Long, unbelievable story.
Oh wow. I think I want to hear more of this story if you care to share. How dare they!
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