Umbrella Insurance Question

[garyt]

I have $2million umbrella insurance. Just got my renewal bill and this is what it says:

Personal Liability $500,000 each occurrence

Automobile liability Bodily injury liability
$500,000 each person
$500,000 each occurrence

Property damage liability
$1,000,000 each occurrence

Is this right for $2million?

Thanks

 

[38Chevy454]

Is that the (minimum) limits you need to carry on auto ins? Then the $2M umbrella is on top of that? Just guessing since those numbers do not make sense for $2M, at least the way I see the numbers.

 

[retired1]

sounds right. State Farm requires auto policy to be $500k in order to have Umbrella policy of $1m or more

 

[socaldonnan]

Travelers Insurance requires $500K on auto as well on coverage $1 million and above.

 

[Katsmeow]

Ask your insurance agent. Are those numbers what you have to have for your underlying limits or are those the limits for the umbrella coverage? Not enough information to answer your question. You should ask your insurance agent and get a clear answer.

 

[Stormy Kromer]

Sounds to me that those are the numbers required for your underlying limits on your Homeowners and Personal Auto Policy ($1,000,000 on the Property Damage does seem on the high end for underlying limits, but that's OK)


If your Umbrella Agent doesn't handle ALL of your underlying insurance, make sure you get them a copy. You don't want a gap between your underlying policy and your umbrella.

 

[OldShooter]

... If your Umbrella Agent doesn't handle ALL of your underlying insurance, make sure you get them a copy. You don't want a gap between your underlying policy and your umbrella.

Better, all your insurance should be with one independent agent and be shopped at least every two or three years. AFIK most insurance companies offer significant discounts when they write all of your insurance; car, home, umbrella, and you can be reasonably certain that the policies are coordinated.

 

[PERSonalTime]

It sounds right to me. Typically they require you to max out on all your other insurance, like auto etc., before your umbrella liability policy, which can be in the millions of dollars, kicks in.

 

[Sunset]

It sounds right to me. Typically they require you to max out on all your other insurance, like auto etc., before your umbrella liability policy, which can be in the millions of dollars, kicks in.

Actually my auto insurance coverage was lowered.
Of course that was because I had it set at a higher number than the minimum in our State as I didn't want to lose my house for some stupid accident.

 

[garyt]

Thanks for the replies

 

[RenoJay]

I have $2million umbrella insurance. Just got my renewal bill and this is what it says:



Personal Liability $500,000 each occurrence



Automobile liability Bodily injury liability

$500,000 each person

$500,000 each occurrence



Property damage liability

$1,000,000 each occurrence



Is this right for $2million?



Thanks

Seems high. I have lower requirements on a $5 mm policy with RLI.