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11-15-2013, 10:28 AM
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#21
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Thinks s/he gets paid by the post
Join Date: Feb 2006
Posts: 4,872
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Quote:
Originally Posted by pb4uski
In that case the $1,250 seems reasonable.
If you have significant wealth, IMO umbrella is essential. You can pay for it with your savings on other insurance coverage you are considering.
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Thnaks, that sounds like a plan.
My net worth is close to $2M if you include the house so maybe I could get a $2m OR $3M umbrella policy.
I'm going to get rid of all the optional coverages on my car policy for collision etc as I have it paid off and that will pay more than for the umbrella policy. I'll also look at increasing the deductible on my home owners policy to see if I can save a few hundred there.
__________________
“So we beat on, boats against the current, borne back ceaselessly into the past.”
Current AA: 75% Equity Funds / 15% Bonds / 5% Stable Value /2% Cash / 3% TIAA Traditional
Retired Mar 2014 at age 52, target WR: 0.0%,
Income from pension and rent
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11-15-2013, 10:33 AM
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#22
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Recycles dryer sheets
Join Date: Jun 2007
Posts: 143
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As one data point, I got my homeowners renewal today and managed to drop the premium from $985 to $794 by going from a $1,000 to a $5,000 deductible.
Also, I have a $5,000,000 umbrella policy that work pays for, which is nice.
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11-15-2013, 10:46 AM
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#23
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Thinks s/he gets paid by the post
Join Date: May 2006
Location: Orlando
Posts: 2,657
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Quote:
Originally Posted by nun
Thnaks, that sounds like a plan.
My net worth is close to $2M if you include the house so maybe I could get a $2m OR $3M umbrella policy.
I'm going to get rid of all the optional coverages on my car policy for collision etc as I have it paid off and that will pay more than for the umbrella policy. I'll also look at increasing the deductible on my home owners policy to see if I can save a few hundred there.
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When we purchased our umbrella policy, we had to increase our auto liability limits to 300k/500k. The extra cost of the increased auto liability limits is as much as the umbrella policy premium. Lots of fraud in Florida and I was told that 86% of all UI payouts are related to auto accidents.
I started the process to purchase UI soon after participating in one of those mock jury trials. It scared the crap out of me to see how quickly a jury award can get close to $1M. A stupid mistake someone makes while driving (no alcohol involved) can mean lifelong issues (and potentially full disability) for the victim. Don't delay getting umbrella insurance!
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11-15-2013, 11:47 AM
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#24
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,376
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We had a similar thing. We didn't have to increase our base policy limits but it was cheaper to increase the base policy limits and buy a commensurately smaller umbrella than to leave our base policy limits alone (since they exceeded the minimums required for the umbrella) and have a slightly bigger umbrella. Same carrier. Go figure.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
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