protecting assets- umbrella/liability insurance?

nphx · 01-07-2009, 07:53 PM

I played hooky today and went skiing. Had a minor bump with someone on the slope - we both brushed it off... but what if they were injured or unethical...

What insurance protects you in these types of cases?

FIREdreamer · 01-07-2009, 07:59 PM

One of the requirements for establishing our umbrella policy was high(er) liability limits on both our car and home policies. So we are covered first by the car/home liability insurance then by the umbrella if things really go south.

**ziggy29** · 01-07-2009, 08:05 PM

Quote:

Originally Posted by nphx

I played hooky today and went skiing. Had a minor bump with someone on the slope - we both brushed it off... but what if they were injured or unethical...

What insurance protects you in these types of cases?

We have a $1M umbrella policy for that sort of thing.

It just renewed at $210 per year, and it required underlying 300/500/100 auto liability and 500K homeowners liability.

Rich_in_Tampa · 01-07-2009, 08:05 PM

I assume it would be your umbrella liability policy. Just renewed ours at about $700 for $3mm. Ouch but we feel it's necessary.

nphx · 01-07-2009, 08:17 PM

Any recommendation on a umbrella liability carrier? I don't plan on staying with my current home insurer. I just checked progressive and they seem to detach the policy from homeowners (Personal Umbrella Insurance – Personal Umbrella Coverage - Progressive) . Progressive's rates were great when i tried to switch a year ago but they insisted i needed to re-roof before they insured my home.

FIREdreamer · 01-07-2009, 08:29 PM

Mine is through USAA.

Rich_in_Tampa · 01-07-2009, 08:35 PM

I think it's normally an add-on to your auto insurance, not homeowners.

dex · 01-07-2009, 08:55 PM

I just spoke with my ins. agent about this today. I asked if I shot someone while target shooting would I be covered? He said my homeowners policy would cover me. I upped it to $1mm. Cost less than an umbrella policy.

Nords · 01-07-2009, 09:05 PM

Quote:

Originally Posted by nphx

I played hooky today and went skiing. Had a minor bump with someone on the slope - we both brushed it off... but what if they were injured or unethical...
What insurance protects you in these types of cases?

You would think that the lift ticket has a paragraph or two about nobody being liable for nothin', most especially not the ski resort or its staff.

We have the same multi-paragraph liability waivers for taekwondo tournaments-- in case someone gets concussed or breaks their nose or has their teeth realigned. Yes, those things have all happened in my age group/weight class, but I wasn't on either side of it.

We do our umbrella liability insurance through Armed Forces Insurance Exchange and I've decided to be very careful about teaching or refereeing taekwondo. Most people get the insurance from their homeowner's or auto policies. If you meet their membership requirements, you might also want to look into USAA.

Good luck with personal watercraft, motorcycles, dogs of vicious-reputation breeds, and other aspects of high-risk lifestyles.

73ss454 · 01-07-2009, 09:08 PM

Quote:

Originally Posted by nphx

Any recommendation on a umbrella liability carrier? I don't plan on staying with my current home insurer. I just checked progressive and they seem to detach the policy from homeowners (Personal Umbrella Insurance – Personal Umbrella Coverage - Progressive) . Progressive's rates were great when i tried to switch a year ago but they insisted i needed to re-roof before they insured my home.

I have mine with Geico and I'm really happy with them. With some carriers if you have 300K on your house the umbrella policy only covers 700K if you a 1M policy. With geico they cover above what you have now.

Also one of the things I like is they answer the phone quickly and a person is on the other end, no recording machines and prompts.

Uncle Drew · 01-07-2009, 09:20 PM

We also have a policy with Geico and have been happy with the customer service.

The one bad thing about my experience with them is that they didn't explain the commonly misconceived notion is that a $1m policy only covers the difference between what your homeowners/auto will cover (believe they require $300k coverage on both) up through $1m. It's not $300k plus $1m. Thankfully someone had explained that to me prior to us getting the quote and potentially feeling misled.

73ss454 · 01-07-2009, 09:30 PM

Funny, but when it was explained to me they said that the 1M is above what you have now. They did say that I had to have 300K on my home owners policy and they would be 1M above that #. I'll have to call tomorrow and make sure.

73ss454 · 01-07-2009, 09:34 PM

I was speaking to Geico today because I'm thinking about going to a different Home owners company. They only offer a 300K max and I have 500K now. Geico said 300K is mandatory and there was no diff. in price between the 300K and 500K. This should mean that the 1M is above and beyond what ever you have on your policy.

Goonie · 01-07-2009, 09:50 PM

I have a $1M umbrella policy with the same ins. company as the homeowner's and autos....State Farm.

youbet · 01-07-2009, 10:04 PM

Quote:

Originally Posted by Goonie

I have a $1M umbrella policy with the same ins. company as the homeowner's and autos....State Farm.

Same here. Homeowners, cars and umbrella with State Farm. Been that way for 30+ years. So far so good.....

Urchina · 01-07-2009, 10:37 PM

We have homeowner's, cars and umbrella with AAA (well, here it's the Southern California affiliate). Best rates we've found. I've always been happy with them. Of course, we've never filed a claim so that might have something to do with it.

Our car insurance bill is coming in the next week or so, so I'm going to shop around a bit (Geico, progressive, our professional organizations, State Farm, etc.) but don't anticipate a change.

thefinancebuff · 01-08-2009, 12:14 AM

Quote:

Originally Posted by Uncle Drew

We also have a policy with Geico and have been happy with the customer service.

The one bad thing about my experience with them is that they didn't explain the commonly misconceived notion is that a $1m policy only covers the difference between what your homeowners/auto will cover (believe they require $300k coverage on both) up through $1m. It's not $300k plus $1m. Thankfully someone had explained that to me prior to us getting the quote and potentially feeling misled.

That is not true. If you have $1.3 million loss, your primary insurance covers $300k and your umbrella insurance covers $1 million. I also have GEICO umbrella policy. Just checked the policy language.

donheff · 01-08-2009, 06:12 AM

Quote:

Originally Posted by Nords

You would think that the lift ticket has a paragraph or two about nobody being liable for nothin', most especially not the ski resort or its staff.

We have the same multi-paragraph liability waivers for taekwondo tournaments-- in case someone gets concussed or breaks their nose or has their teeth realigned.

IANAL but my understanding is these waivers don't waive your ability to sue for gross negligence, etc. For example, if the ski joint failed to maintain its lift and one fell on your head, the waiver wouldn't protect them. Or, if you could show the skier was recklessly hot dogging you could go after him, although the ski place might be somewhat protected by the waiver in this case.

Dennis · 01-08-2009, 06:17 AM

WEST BEND Ins. Co. in Wi.

Trek · 01-08-2009, 08:18 AM

If you kill someone, you could go to jail. Make sure you wear a helmet too!

BBC NEWS | World | Europe | Ski death provokes helmet debate

01-07-2009, 07:53 PM	#1
nphx Recycles dryer sheets Join Date: May 2007 Posts: 103	protecting assets- umbrella/liability insurance? I played hooky today and went skiing. Had a minor bump with someone on the slope - we both brushed it off... but what if they were injured or unethical... What insurance protects you in these types of cases?

01-07-2009, 07:59 PM	#2
FIREdreamer Thinks s/he gets paid by the post Join Date: May 2007 Posts: 2,078	One of the requirements for establishing our umbrella policy was high(er) liability limits on both our car and home policies. So we are covered first by the car/home liability insurance then by the umbrella if things really go south. __________________ "Fortune favors the brave" - Virgil DINKs, age 35. Portfolio = 14 x annual living expenses. On track to FIRE by the age of 45.

01-07-2009, 08:05 PM	#4
Rich_in_Tampa Moderator Emeritus Join Date: Feb 2006 Location: Tampa Posts: 6,455	I assume it would be your umbrella liability policy. Just renewed ours at about $700 for $3mm. Ouch but we feel it's necessary. __________________ Rich Tampa, FL (11% retired) As if you didn't know..If the above message happens to contain medical content, it's NOT intended as advice, and may not be accurate, applicable or sufficient. Don't rely on it for any medical purpose whatsoever. Consult your own doctor for all medical advice.

01-07-2009, 08:29 PM	#6
FIREdreamer Thinks s/he gets paid by the post Join Date: May 2007 Posts: 2,078	Mine is through USAA. __________________ "Fortune favors the brave" - Virgil DINKs, age 35. Portfolio = 14 x annual living expenses. On track to FIRE by the age of 45.

01-07-2009, 08:35 PM	#7
Rich_in_Tampa Moderator Emeritus Join Date: Feb 2006 Location: Tampa Posts: 6,455	I think it's normally an add-on to your auto insurance, not homeowners. __________________ Rich Tampa, FL (11% retired) As if you didn't know..If the above message happens to contain medical content, it's NOT intended as advice, and may not be accurate, applicable or sufficient. Don't rely on it for any medical purpose whatsoever. Consult your own doctor for all medical advice.

01-07-2009, 08:17 PM	#5
nphx Recycles dryer sheets Join Date: May 2007 Posts: 103	Any recommendation on a umbrella liability carrier? I don't plan on staying with my current home insurer. I just checked progressive and they seem to detach the policy from homeowners (Personal Umbrella Insurance – Personal Umbrella Coverage - Progressive) . Progressive's rates were great when i tried to switch a year ago but they insisted i needed to re-roof before they insured my home.

01-07-2009, 08:55 PM	#8
dex Thinks s/he gets paid by the post Join Date: Oct 2003 Posts: 3,810	I just spoke with my ins. agent about this today. I asked if I shot someone while target shooting would I be covered? He said my homeowners policy would cover me. I upped it to $1mm. Cost less than an umbrella policy. __________________ Sometimes death is not as tragic as not knowing how to live. This man knew how to live--and how to make others glad they were living. - Jack Benny at Nat King Cole's funeral

01-07-2009, 09:20 PM	#11
Uncle Drew Dryer sheet aficionado Join Date: Sep 2008 Posts: 27	We also have a policy with Geico and have been happy with the customer service. The one bad thing about my experience with them is that they didn't explain the commonly misconceived notion is that a $1m policy only covers the difference between what your homeowners/auto will cover (believe they require $300k coverage on both) up through $1m. It's not $300k plus $1m. Thankfully someone had explained that to me prior to us getting the quote and potentially feeling misled.

01-07-2009, 09:30 PM	#12
73ss454 Thinks s/he gets paid by the post Join Date: Oct 2004 Posts: 2,005	Funny, but when it was explained to me they said that the 1M is above what you have now. They did say that I had to have 300K on my home owners policy and they would be 1M above that #. I'll have to call tomorrow and make sure.

01-07-2009, 09:34 PM	#13
73ss454 Thinks s/he gets paid by the post Join Date: Oct 2004 Posts: 2,005	I was speaking to Geico today because I'm thinking about going to a different Home owners company. They only offer a 300K max and I have 500K now. Geico said 300K is mandatory and there was no diff. in price between the 300K and 500K. This should mean that the 1M is above and beyond what ever you have on your policy.

01-07-2009, 09:50 PM	#14
Goonie Thinks s/he gets paid by the post Join Date: Oct 2006 Posts: 2,349	I have a $1M umbrella policy with the same ins. company as the homeowner's and autos....State Farm.

01-07-2009, 10:37 PM	#16
Urchina Full time employment: Posting here. Join Date: Feb 2008 Location: Central Coast, California Posts: 551	We have homeowner's, cars and umbrella with AAA (well, here it's the Southern California affiliate). Best rates we've found. I've always been happy with them. Of course, we've never filed a claim so that might have something to do with it. Our car insurance bill is coming in the next week or so, so I'm going to shop around a bit (Geico, progressive, our professional organizations, State Farm, etc.) but don't anticipate a change. __________________ "You'd be surprised at how much it costs to look this cheap." -- Dolly Parton

01-08-2009, 06:17 AM	#19
Dennis Recycles dryer sheets Join Date: Oct 2008 Posts: 191	WEST BEND Ins. Co. in Wi.

01-08-2009, 08:18 AM	#20
Trek Full time employment: Posting here. Join Date: Dec 2006 Location: Germany Posts: 663	If you kill someone, you could go to jail. Make sure you wear a helmet too! BBC NEWS \| World \| Europe \| Ski death provokes helmet debate __________________

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