Are there any insurance professionals here 2.0

[Synergy]

About a year ago I wrote here requesting help with another ( similar) question.
This time it relates to umbrella insurance. I have 5 acres with a 26 x 66' shop and a separate house foundation ready for framing. I sold my house last August and put a 5th wheel on this property while I build this house. It's delayed because I refuse to pay the current price gouging taking place with construction materials. I also have a rental property, and for that reason, I had an umbrella policy for any liability issues. I say "had" because when I sold my house last summer, the agent said that since the umbrella policy is a rider on my homeowners policy, they (any insur. co.) will not issue me an umbrella policy. I'm here to ask any insurance professionals here if there is a work-around they are aware of? It makes me nervous not having the insurance. And yes, I did ask my agent the same question, but I guess I'm grasping at straws.
Please, anyone that wants to give me advice on paying the high material prices because the prices won't come down-- At some point, I may be forced to admit defeat and burn $30,000, (compared to pre-covid prices) but I'm not ready to do that yet.
Thanks for any suggestions you might have,

 

[pb4uski]

I'm not totally sure that makes sense... what if someone rents rather than owns but has significant financial assets... what you agent says would suggest that they can't buy umbrella coverage. I would call a few other agents.

 

[Aerides]

Most umbrellas are supplements to Home Owners..But even those only state that the HO version must have 300k coverage, and if you lapse or have less then the umbrella only kicks in after the Home Owners cap. So you'd be on the hook for that first $300.

It is totally normal to have them with different providers though. We have that. Call other agencies - actual providers. Geico partners with RLI for example for coverage, but they don't always do home owners.

 

[euro]

Don't you have any sort of insurance currently for your barn and construction site? You really SHOULD because if anyone gets hurt on that property, it could get expensive. The insurance product you need may not be a straight homeowner policy but something like a "construction policy". I don't know if you can get an umbrella policy on top of that or not.
I do know, however, that you can get a commercial umbrella policy for your rental. I carry one of those because StateFarm will only cover the first 4 or 5 rental properties under a regular homeowner's umbrella. With more rentals, you have to get a separate commercial umbrella policy - which is what I have.
It is possible that they may let you add your construction site to the commercial umbrella policy if you do carry some sort of underlying insurance for that.

 

[Surewhitey]

Regarding lumber pricing, futures are still at $950. I'd speculate they'll cool off with the higher rates coming. I don't see any less demand at the moment (I'm in sheet goods biz, cabinetry).

5% on a 30 yr is surely going to put the slowdown on future builds, but not the current 6-12 months' builds, imo.

 

[ExFlyBoy5]

Regarding lumber pricing, futures are still at $950. I'd speculate they'll cool off with the higher rates coming. I don't see any less demand at the moment (I'm in sheet goods biz, cabinetry).

5% on a 30 yr is surely going to put the slowdown on future builds, but not the current 6-12 months' builds, imo.

This. And I would not call any of it as "gouging" it's simple supply and demand.

 

[OldShooter]

... I sold my house last August and put a 5th wheel on this property while I build this house. It's delayed because I refuse to pay the current price gouging taking place with construction materials. ...

Different strokes dept.: We are building a house right now and are ordering selected materials as fast as quantities needed become known. Windows ordered December. Shingles, January and already received. OSB and plywood ordered the day after the SE states tornadoes last fall. Trusses ordered and received February. Etc. Our rationale is to stay ahead of price increases, minimize long lead time issues, and we are too old to waste a chunk of our remaining time hoping for better prices. ICF house foundation was poured last week.

 

[HarveyS]

Call around to other agencies. I had an umbrella with just an auto policy.

 

[MarieIG]

An "umbrella" is typically (but not always) a policy that goes over the top of a "primary" policy - hence the name "umbrella."

Yes, I would look around. See if you can get a primary (GL policy) and an umbrella which will go over top of your GL and auto. Watch out for an SIR (self-insured retension in lieu of a primary, you may be responsible for legal fees and expenses).

Not an insurance professional, but in another life I reviewed a number or policies and dealt with "coverage issues" for clients.

 

[Synergy]

Regarding lumber pricing, futures are still at $950. >>>snip

Last fall the price of lumber dropped significantly (sheet goods stayed pretty darn high though) I figured it was trending down, then it went back up again.

The reason I think a lot of this pricing is artificial is because the mills have been working like crazy. They are not shut down. And even when lumber prices were at their peak, there was no shortage in the warehouses that I saw. There's a supply yard that serves Home Depots right along I-5 in Oregon that was completely stacked full of material during the worst of the pricing. I thought this was all about supply and demand? Yes, I'm skeptical.

 

[Synergy]

Thanks everyone for you suggestions

I appreciate it.