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#4718050 - 04/06/18 08:08 AM Umbrella Policy?
maverickfhs Offline


Registered: 12/28/16
Posts: 2076
Loc: VA
So was wondering if you have an umbrella policy and how much roughly do you pay?

After reading a thread on BITOG, I am considering it and going to shop around for it.

thumbsup
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#4718056 - 04/06/18 08:12 AM Re: Umbrella Policy? [Re: maverickfhs]
JohnnyJohnson Offline


Registered: 10/22/09
Posts: 2905
Loc: Wet side WA
Because I carry it with my homeowners its $200 a year for a Million dollars coverage.
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#4718073 - 04/06/18 08:29 AM Re: Umbrella Policy? [Re: maverickfhs]
demarpaint Offline


Registered: 07/03/05
Posts: 30024
Loc: NY
It varies by location, and other factors.
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#4718074 - 04/06/18 08:30 AM Re: Umbrella Policy? [Re: maverickfhs]
Astro14 Offline


Registered: 10/10/10
Posts: 8614
Loc: Virginia Beach
Mine is with the same company as my homeowner's policy and is for $1 million. Cost is about $350/year. Your "exposures" determine the rate - do you have dogs, cars, swimming pool, etc. that could be a source of potential lawsuit. Cars driven by kids are big "exposure"...and I've got a couple of those...

In general, if you've got assets worth protecting, then you should have an umbrella policy.
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#4718075 - 04/06/18 08:30 AM Re: Umbrella Policy? [Re: maverickfhs]
Schmoe Offline


Registered: 05/12/03
Posts: 7279
Loc: Oklahoma
Thanks for bringing this up, I was going to post the same question. Would one of ya'll explain what an umbrella policy is? I got State Farm for both auto and home....but I think there's more to it than that.
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#4718080 - 04/06/18 08:33 AM Re: Umbrella Policy? [Re: maverickfhs]
volk06 Offline


Registered: 10/04/10
Posts: 4917
Loc: Midwest
It depends on your auto and house limits as well. I paid roughly $233 for a million dollars in coverage but that price also upped my vehicle limits to 250/500/250. I packaged my home/auto/umbrella together and find the best deal. Usually with an umbrella, its cheapest to bundle with the same company.
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#4718081 - 04/06/18 08:34 AM Re: Umbrella Policy? [Re: Astro14]
maverickfhs Offline


Registered: 12/28/16
Posts: 2076
Loc: VA
Originally Posted By: Astro14
Mine is with the same company as my homeowner's policy and is for $1 million. Cost is about $350/year. Your "exposures" determine the rate - do you have dogs, cars, swimming pool, etc. that could be a source of potential lawsuit. Cars driven by kids are big "exposure"...and I've got a couple of those...

In general, if you've got assets worth protecting, then you should have an umbrella policy.


Good point, maybe I'll shop around then.
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#4718083 - 04/06/18 08:35 AM Re: Umbrella Policy? [Re: maverickfhs]
AZjeff Offline


Registered: 01/14/11
Posts: 2741
Loc: PV Az
Hmm...search "umbrella policy" and get:

Umbrella insurance is extra liability insurance. This type of insurance policy is designed to help protect you from major claims and lawsuits and as a result it helps protect your assets and your future. ... Provides additional liability coverage above the limits of your homeowners, auto, and boat insurance policies.

Talk to your insurance agent for details. If you carry it is a must have.
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#4718084 - 04/06/18 08:36 AM Re: Umbrella Policy? [Re: Schmoe]
maverickfhs Offline


Registered: 12/28/16
Posts: 2076
Loc: VA
Originally Posted By: Schmoe
Thanks for bringing this up, I was going to post the same question. Would one of ya'll explain what an umbrella policy is? I got State Farm for both auto and home....but I think there's more to it than that.


I am with Staefarm, and would be curious to know what rates you get. I'll check with them today.
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#4718085 - 04/06/18 08:36 AM Re: Umbrella Policy? [Re: Schmoe]
volk06 Offline


Registered: 10/04/10
Posts: 4917
Loc: Midwest
Originally Posted By: Schmoe
Thanks for bringing this up, I was going to post the same question. Would one of ya'll explain what an umbrella policy is? I got State Farm for both auto and home....but I think there's more to it than that.


Its essentially additional insurance you can purchase to increase the liability limits. Lets say you get cause an auto accident on the interstate. It causes a 5 car pile up with injuries. Your car insurance policy has a limit of $500,000. Anything over $500,000, you would be liable for and the other insurance companies could go after your assets. The umbrella adds additional insurance. A million dollar policy would cover you up to $1.5 million in this case.

For more info:
https://www.trustedchoice.com/umbrella-insurance/coverage-faq/#faqitem


Edit- I use to have state farm. The umbrella was pretty cheap with increased auto limits.
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#4718090 - 04/06/18 08:39 AM Re: Umbrella Policy? [Re: Schmoe]
demarpaint Offline


Registered: 07/03/05
Posts: 30024
Loc: NY
Originally Posted By: Schmoe
Thanks for bringing this up, I was going to post the same question. Would one of ya'll explain what an umbrella policy is? I got State Farm for both auto and home....but I think there's more to it than that.


Simply stated it boosts the limits of your homeowners and auto insurance policies by a million, two million, etc dollars. EG: if someone falls on your property and sues you and exceeds the limits of your policy the umbrella kicks in. There is one thing to keep in mind, you can't take a home or auto policy with the minimum limit and add an umbrella policy. The underwriter of the umbrella policy will set the limit of your home and auto policy in order for you to qualify for a umbrella policy. IIRC my auto policy liability had to be at least $300K in order to get an umbrella policy. People often think they can get an auto policy with $10K liability and get an umbrella policy to cover them over $10k up to a million, it doesn't work that way.
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#4718096 - 04/06/18 08:43 AM Re: Umbrella Policy? [Re: maverickfhs]
NormanBuntz Offline


Registered: 07/27/13
Posts: 2167
Loc: Outer Banks, NC
I pay $356 a year to an affiliated company of USAA for $2M of coverage. It's peace of mind to protect personal assets in the world of lawsuit happy America.
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#4718100 - 04/06/18 08:46 AM Re: Umbrella Policy? [Re: demarpaint]
maverickfhs Offline


Registered: 12/28/16
Posts: 2076
Loc: VA
Originally Posted By: demarpaint
Originally Posted By: Schmoe
Thanks for bringing this up, I was going to post the same question. Would one of ya'll explain what an umbrella policy is? I got State Farm for both auto and home....but I think there's more to it than that.


Simply stated it boosts the limits of your homeowners and auto insurance policies by a million, two million, etc dollars. EG: if someone falls on your property and sues you and exceeds the limits of your policy the umbrella kicks in. There is one thing to keep in mind, you can't take a home or auto policy with the minimum limit and add an umbrella policy. The underwriter of the umbrella policy will set the limit of your home and auto policy in order for you to qualify for a umbrella policy. IIRC my auto policy liability had to be at least $300K in order to get an umbrella policy. People often think they can get an auto policy with $10K liability and get an umbrella policy to cover them over $10k up to a million, it doesn't work that way.


Very well stated and said. State minimum won't cut it.
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#4718112 - 04/06/18 08:55 AM Re: Umbrella Policy? [Re: maverickfhs]
nickaluch Offline


Registered: 10/04/08
Posts: 385
Loc: Long Island,nassau county NY
I pay $689 a year 2 million umbrella. I have a built in pool and asset's to protect from the litigation world we live in.
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#4718124 - 04/06/18 09:03 AM Re: Umbrella Policy? [Re: maverickfhs]
demarpaint Offline


Registered: 07/03/05
Posts: 30024
Loc: NY
Originally Posted By: nickaluch
I pay $689 a year 2 million umbrella. I have a built in pool and asset's to protect from the litigation world we live in.


thumbsup Another Nassau County resident. That's in line with what I'm paying, a little less but no pool. Once again I can see from this thread that we typically pay more for just about everything living on L.I. Higher insurance and taxes come as no surprise.
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