Umbrella policies require you to have certain levels of coverage on your auto policy. My USAA umbrella policy requires me to carry $300K/$500k bodily injury and $100k property damage limits.
That legal defense is one of the main values of an umbrella policy.Most umbrella policies are in the millions so the insurance companies have incentive to defend you.
I'd say it depends on where you live. See Ziggy's post above (#3).Is it true one should insure equal to their assets?
Nothing. I just avoid litigation at all costs professionally and personally...keeping a low profile, staying out of trouble in general, and by remaining single.
Since the coverages on the policies are all coordinated you will likely get better rates by staying with one company.I would appreciate thought on whether an umbrella policy should be with the same company as the home and/or auto or be diversified to a separate company.
Thankfully, I can't speak to this one.Has anyone here actually had to utilize the protections of an umbrella policy and willing to share details, outcomes, process and such?
Some insurers will only provide umbrella if they also cover auto or homeowners. USAA requires homeowners (IIRC) and State Farm requires auto (our case). Why would an agent talk you out of buying coverage from them - unless they don't sell it.I have actually inquired about an umbrella policy a couple of times with my insurance agent; and, they have talked me out of it both times. This does seem like a layer of protection that I should add; but, like adding more fiber to my diet, is just something I have not pursued yet.
I would appreciate thought on whether an umbrella policy should be with the same company as the home and/or auto or be diversified to a separate company.
Has anyone here actually had to utilize the protections of an umbrella policy and willing to share details, outcomes, process and such?
Is it true one should insure equal to their assets?
Has anyone here actually had to utilize the protections of an umbrella policy and willing to share details, outcomes, process and such?
CYA duly noted, but if the claim is against your auto policy and your umbrella policy is with the same carrier, this requirement to notify should not be an issue, correct?The most important thing for most people to know is that you must pay attention carefully as to when notice is required to be given to the umbrella carrier. Sometimes, when a claim comes in, people think it is a small claim (below the limit of the primary policy) and don't give notice to the umbrella carrier. Then, later - often much later - they realize the claim is a big claim that theoretically could exceed the limits of the primary policy so they give notice to the umbrella carrier. Then the carrier refuses to cover on the ground that notice is late. For that reason it is very, very, very important to always look at the notice requirements to make sure notice is given in the time and manner required.
Is it wise for people to disclose the details of their asset protection plan to strangers on the internet?
CYA duly noted, but if the claim is against your auto policy and your umbrella policy is with the same carrier, this requirement to notify should not be an issue, correct?
Has anyone here actually had to utilize the protections of an umbrella policy and willing to share details, outcomes, process and such?
Same insurance co (USAA), same address for notification, same policy numbers for homeowner, auto and umbrella except for a two digit suffix. You really think they could get away with refusing to cover me under my umbrella policy because I failed to include those two digits when I notified them of a loss under my auto or HO policy?
It is not a risk that I would take if it was me. I would personally include both policy numbers in giving notice. I think that lessens uncertainty and would be the more prudent course of action for me to take.
Is it true one should insure equal to their assets?
...As I said, it's a much longer story, but I believe Uncle Sam has some special plans for this clown. And, they are also watched by local and federal law enforcement agencies. I could write a book....
And now you know why I hate investment real estate. But I will forever be a customer of the agency who covered my back side for this lawsuit.
Some insurers will only provide umbrella if they also cover auto or homeowners. USAA requires homeowners (IIRC) and State Farm requires auto (our case). Why would an agent talk you out of buying coverage from them - unless they don't sell it.
...The most important thing for most people to know is that you must pay attention carefully as to when notice is required to be given to the umbrella carrier. Sometimes, when a claim comes in, people think it is a small claim (below the limit of the primary policy) and don't give notice to the umbrella carrier. Then, later - often much later - they realize the claim is a big claim that theoretically could exceed the limits of the primary policy so they give notice to the umbrella carrier. Then the carrier refuses to cover on the ground that notice is late. For that reason it is very, very, very important to always look at the notice requirements to make sure notice is given in the time and manner required....
Thank you for all of the information but especially for this bit of which I definitely was not aware.
Thank you for the personal experience. Do you mind sharing the name of the insurance company you use?
Umbrella policies require you to have certain levels of coverage on your auto policy. My USAA umbrella policy requires me to carry $300K/$500k bodily injury and $100k property damage limits.
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#2 lawyer son
An addition thing to consider - keep silent about finances and don't let folks know what you have, don't flaunt any wealth, and make them think you're just getting by.