Umbrella Policy?

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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.

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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.
 
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.
 
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.
 
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.
 
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.
 
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.
 
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.
 
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.
 
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.
 
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.


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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.
 
I have home, auto, and an umbrella all with the same company (Acuity). I pay $125 for a $1 million umbrella. I have paid more in the past with other companies in other states. Worth it, IMO. People are so dang sue happy over stupid things.
 
Had one about 10 yrs ago. When our dog bit someone they canceled the umbrella like a hot potato. Just never went back to one since kids all left the house too.
 
The premiums probably are dependent on the levels of your basic coverage more than the limits. A million dollars of coverage that cuts in if your basic liability caps at 50K would be a lot more than two million that cuts in if you exceed a million dollar loss on your primary coverage.

I didn't go back and check my basic coverage (have number of properties) but I got a million dollar umbrella in suburban St. Louis for $147-- Auto Owners.
 
Originally Posted By: csandste
The premiums probably are dependent on the levels of your basic coverage more than the limits. A million dollars of coverage that cuts in if your basic liability caps at 50K would be a lot more than two million that cuts in if you exceed a million dollar loss on your primary coverage.

I didn't go back and check my basic coverage (have number of properties) but I got a million dollar umbrella in suburban St. Louis for $147-- Auto Owners.

You generally have to have a requisite amount of liability (high)( on house/car, etc before you can even purchase an umbrella policy.
 
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