Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Umbrella puzzle?
Old 01-21-2015, 07:44 PM   #1
Recycles dryer sheets
 
Join Date: Apr 2010
Posts: 412
Umbrella puzzle?

Inspired by some reading on this forum, I decided that I have to increase my umbrella limit from 2M to 3M.

Called Ameriprise, got a quote and ... today got a call back basically denying my request based on the fact that on my application I said "self-employed" and therefor have to have the same limits for buz side. I offered them to exclude my buz from the policy and got a 'no' again. I do get paid by full-time employment and also via 1099.

Wondering if others got similar issues and how to work around them.

Thx
__________________

__________________
“The problem with the world is that the intelligent people are full of doubt, while the stupid people are full of confidence.”

(—Charles Bukowski)
wanaberetiree is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 01-21-2015, 08:46 PM   #2
Thinks s/he gets paid by the post
Rustward's Avatar
 
Join Date: Apr 2006
Posts: 1,572
I don't know what "buz" is, so if anyone can and would enlighten me, please do so.

When I applied for an increase over 2M I was told that required underwriting. They did not ask me any questions, and I really don't know what they may have looked at, but the process took a few weeks before it was approved.
__________________

__________________
Rustward is offline   Reply With Quote
Old 01-21-2015, 08:49 PM   #3
Recycles dryer sheets
 
Join Date: Apr 2010
Posts: 412
Quote:
Originally Posted by Rustward View Post
I don't know what "buz" is, so if anyone can and would enlighten me, please do so.
That was short for 'business'
__________________
“The problem with the world is that the intelligent people are full of doubt, while the stupid people are full of confidence.”

(—Charles Bukowski)
wanaberetiree is offline   Reply With Quote
Old 01-21-2015, 09:25 PM   #4
Thinks s/he gets paid by the post
Rustward's Avatar
 
Join Date: Apr 2006
Posts: 1,572
So "buz" means business.

Thanks for the explanation, wanabe

I just had not ever had encountered that "buz" meant the p/l- etc.from the business.
__________________
Rustward is offline   Reply With Quote
Old 01-22-2015, 06:43 AM   #5
Recycles dryer sheets
 
Join Date: Jul 2013
Posts: 202
I own my own business. The term "self-employed" is always a difficult one and in my opinion imprecise. My business is a subchapter S corporation with about 30 employees. Although I am the only officer and shareholder, I have always considered myself employed by the company. When any document asks me for the name of my employer I always provide the name of the corporation and do not identify myself as "self-employed". The online definition is "working for oneself as a freelancer or the owner of a business rather than for an employer". Under that definition I guess I am self-employed. In my opinion it is a poor term to utilize.

In any event, my personal umbrella and business policies are entirely separate. One has never had anything to do with the other. Unless you are working from your home (where the risk of a claim could merge between personal and business), not sure why one would have anything to do with another.

I would check another company.
__________________
phil1ben is offline   Reply With Quote
Old 01-22-2015, 06:50 AM   #6
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jun 2005
Posts: 8,615
Ameriprise?
__________________
LOL! is offline   Reply With Quote
Old 01-22-2015, 09:07 AM   #7
Recycles dryer sheets
 
Join Date: Jul 2013
Posts: 388
Quote:
Originally Posted by LOL! View Post
Ameriprise?
+1
__________________
mrfeh is online now   Reply With Quote
Old 01-22-2015, 10:13 AM   #8
Recycles dryer sheets
 
Join Date: Apr 2010
Posts: 412
Quote:
Originally Posted by LOL! View Post
Ameriprise?
what about it?
__________________
“The problem with the world is that the intelligent people are full of doubt, while the stupid people are full of confidence.”

(—Charles Bukowski)
wanaberetiree is offline   Reply With Quote
Old 01-22-2015, 10:34 AM   #9
Recycles dryer sheets
 
Join Date: Jul 2013
Posts: 388
Quote:
Originally Posted by wanaberetiree View Post
what about it?
They have a reputation for screwing their customers.
__________________
mrfeh is online now   Reply With Quote
Old 01-22-2015, 10:41 AM   #10
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Sep 2005
Location: Northern IL
Posts: 18,257
Quote:
Originally Posted by Rustward View Post
So "buz" means business.

Thanks for the explanation, wanabe

I just had not ever had encountered that "buz" meant the p/l- etc.from the business.
I assumed "buz" was a drug related 'business'?

-ERD50
__________________
ERD50 is online now   Reply With Quote
Old 01-22-2015, 10:42 AM   #11
Recycles dryer sheets
 
Join Date: Apr 2010
Posts: 412
Quote:
Originally Posted by mrfeh View Post
They have a reputation for screwing their customers.

Aga, I see
Any recommendation for a company who would sell umbrella (w/o cars and house preferably)
__________________
“The problem with the world is that the intelligent people are full of doubt, while the stupid people are full of confidence.”

(—Charles Bukowski)
wanaberetiree is offline   Reply With Quote
Old 01-22-2015, 10:52 AM   #12
Moderator
rodi's Avatar
 
Join Date: Apr 2012
Location: San Diego
Posts: 8,796
I ran into trouble when I was getting my umbrella policy a while back. I've been insured with AAA for over 20 years, home, auto, etc.. I requested a quote on umbrella - at first it just looked like I'd have to raise limits on home owners, our rental granny flat, and our car insurance.

Then they say they can't insure us because we're across the street from a wildfire area. This isn't new - they had waived this because of the continuous coverage (my dad had AAA on this house when I bought the house from him.) So they retracted that and said they couldn't do it because of the rental unit. Even though they were already covering the rental unit. Finally they said they couldn't do it because the rental unit was close to the fire risk area - and it wasn't grandfathered in. (Ironically the granny flat is designed to be fire hardened - and it's placement on the lot puts it further away from the fire risk. Whatever. Basically - they were looking for an excuse to dump us. I changed carriers and haven't looked back. The new carrier (Farmers) had no issue with our rental unit, the fire risk (although the premiums reflect that risk per the agent.)
__________________
Retired June 2014. No longer an enginerd - now I'm just a nerd.
micro pensions 7%, rental income 18%
rodi is offline   Reply With Quote
Old 01-22-2015, 11:04 AM   #13
Recycles dryer sheets
 
Join Date: May 2011
Location: Maple Valley
Posts: 465
I just upped my umbrella to $2 million on Monday. No problems with it at State Farm.
__________________
kimcdougc is offline   Reply With Quote
Old 01-22-2015, 11:26 AM   #14
Recycles dryer sheets
 
Join Date: Apr 2010
Posts: 412
Quote:
Originally Posted by kimcdougc View Post
I just upped my umbrella to $2 million on Monday. No problems with it at State Farm.
I think there is difference from 1 to 2 and from 2 to 3 or higher.

Do you have "self-employed" clause? Is your umbrella separate from cars, house etc?
__________________

__________________
“The problem with the world is that the intelligent people are full of doubt, while the stupid people are full of confidence.”

(—Charles Bukowski)
wanaberetiree is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
CAVS sign another piece to the puzzle...Jamison! thefed Other topics 5 02-19-2010 08:45 AM
Word puzzle Abreutime Other topics 17 06-11-2008 10:03 AM
refinance puzzle semtex FIRE and Money 14 01-08-2008 03:38 PM
Deferred Annuity Puzzle TromboneAl FIRE and Money 5 08-09-2006 10:17 PM
real estate transaction puzzle wabmester FIRE and Money 24 04-16-2006 04:03 PM

 

 
All times are GMT -6. The time now is 10:47 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.