Umbrella puzzle?

[wanaberetiree]

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

 

[Rustward]

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.

 

[wanaberetiree]

I don't know what "buz" is, so if anyone can and would enlighten me, please do so.

That was short for 'business'

 

[Rustward]

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.

 

[phil1ben]

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.

 

[LOL!]

Ameriprise?

 

[mrfeh]

Ameriprise?

+1

 

[wanaberetiree]

Ameriprise?

what about it?

 

[mrfeh]

what about it?

They have a reputation for screwing their customers.

 

[ERD50]

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

 

[wanaberetiree]

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)

 

[rodi]

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.)

 

[kimcdougc]

I just upped my umbrella to $2 million on Monday. No problems with it at State Farm.

 

[wanaberetiree]

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?