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Originally Posted by DanTien
Umbrella doesn't help if you have no underlying insurance - home, auto, or business
My wife is being sued as trustee involving a rental property - our property managers neglected to renew the liability on the property and didn't tell us so we are not covered by our $2M umbrella policy - that was a shock to the system -
Check you insurance
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Amen. When I was totaling up expenses recently to verify my anticipated RE expenses prior to pulling the plug, I noticed that State Farm had not sent me a bill for one of my two cars for the last couple of years. I get separate bills for seven insurance policies and simply hadn't noticed that the bill for the car policy never came. It got lost in the mail and State Farm expired the policy. My 17 year old daughter drove that car throughout the uncovered period. If she crippled a lawyer while DUI I would have been up a creek -- and the umbrella would have been useless. Maybe I could have sued State Farm for not following up more carefully on a customer who has had all of his policies with them for years.
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Every man is, or hopes to be, an Idler. -- Samuel Johnson
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