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Umbrella Policy? #4718050
04/06/18 08:08 AM
04/06/18 08:08 AM
Joined: Dec 2016
Posts: 2,177
VA
maverickfhs Offline OP
maverickfhs  Offline OP
Joined: Dec 2016
Posts: 2,177
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


2006 Civic EX 202K/AT
2006 Acura TSX 180K/AT
Re: Umbrella Policy? [Re: maverickfhs] #4718056
04/06/18 08:12 AM
04/06/18 08:12 AM
Joined: Oct 2009
Posts: 3,344
Wet side WA
JohnnyJohnson Offline
JohnnyJohnson  Offline
Joined: Oct 2009
Posts: 3,344
Wet side WA
Because I carry it with my homeowners its $200 a year for a Million dollars coverage.


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Re: Umbrella Policy? [Re: maverickfhs] #4718073
04/06/18 08:29 AM
04/06/18 08:29 AM
Joined: Jul 2005
Posts: 30,623
NY
demarpaint Offline
demarpaint  Offline
Joined: Jul 2005
Posts: 30,623
NY
It varies by location, and other factors.


God Bless Our Troops

Re: Umbrella Policy? [Re: maverickfhs] #4718074
04/06/18 08:30 AM
04/06/18 08:30 AM
Joined: Oct 2010
Posts: 8,914
Virginia Beach
Astro14 Offline
Astro14  Offline
Joined: Oct 2010
Posts: 8,914
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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Re: Umbrella Policy? [Re: maverickfhs] #4718075
04/06/18 08:30 AM
04/06/18 08:30 AM
Joined: May 2003
Posts: 7,372
Oklahoma
Schmoe Offline
Schmoe  Offline
Joined: May 2003
Posts: 7,372
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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Re: Umbrella Policy? [Re: maverickfhs] #4718080
04/06/18 08:33 AM
04/06/18 08:33 AM
Joined: Oct 2010
Posts: 4,926
Midwest
volk06 Offline
volk06  Offline
Joined: Oct 2010
Posts: 4,926
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.


2011 F-150 Ecoboost
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2001 Taurus
Re: Umbrella Policy? [Re: Astro14] #4718081
04/06/18 08:34 AM
04/06/18 08:34 AM
Joined: Dec 2016
Posts: 2,177
VA
maverickfhs Offline OP
maverickfhs  Offline OP
Joined: Dec 2016
Posts: 2,177
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.


2006 Civic EX 202K/AT
2006 Acura TSX 180K/AT
Re: Umbrella Policy? [Re: maverickfhs] #4718083
04/06/18 08:35 AM
04/06/18 08:35 AM
Joined: Jan 2011
Posts: 3,021
PV Az
AZjeff Offline
AZjeff  Offline
Joined: Jan 2011
Posts: 3,021
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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Re: Umbrella Policy? [Re: Schmoe] #4718084
04/06/18 08:36 AM
04/06/18 08:36 AM
Joined: Dec 2016
Posts: 2,177
VA
maverickfhs Offline OP
maverickfhs  Offline OP
Joined: Dec 2016
Posts: 2,177
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.


2006 Civic EX 202K/AT
2006 Acura TSX 180K/AT
Re: Umbrella Policy? [Re: Schmoe] #4718085
04/06/18 08:36 AM
04/06/18 08:36 AM
Joined: Oct 2010
Posts: 4,926
Midwest
volk06 Offline
volk06  Offline
Joined: Oct 2010
Posts: 4,926
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.


2011 F-150 Ecoboost
2012 Focus S
2001 Taurus
Re: Umbrella Policy? [Re: Schmoe] #4718090
04/06/18 08:39 AM
04/06/18 08:39 AM
Joined: Jul 2005
Posts: 30,623
NY
demarpaint Offline
demarpaint  Offline
Joined: Jul 2005
Posts: 30,623
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.


God Bless Our Troops

Re: Umbrella Policy? [Re: maverickfhs] #4718096
04/06/18 08:43 AM
04/06/18 08:43 AM
Joined: Jul 2013
Posts: 2,234
Outer Banks, NC
NormanBuntz Offline
NormanBuntz  Offline
Joined: Jul 2013
Posts: 2,234
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.


2017 Honda Odyssey SE, 16K
2013 Honda Accord LX, 58K
2007 Honda Ridgeline RTS, 88K
2007 Infiniti M35, 107K
Re: Umbrella Policy? [Re: demarpaint] #4718100
04/06/18 08:46 AM
04/06/18 08:46 AM
Joined: Dec 2016
Posts: 2,177
VA
maverickfhs Offline OP
maverickfhs  Offline OP
Joined: Dec 2016
Posts: 2,177
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.


2006 Civic EX 202K/AT
2006 Acura TSX 180K/AT
Re: Umbrella Policy? [Re: maverickfhs] #4718112
04/06/18 08:55 AM
04/06/18 08:55 AM
Joined: Oct 2008
Posts: 386
Long Island,nassau county NY
nickaluch Offline
nickaluch  Offline
Joined: Oct 2008
Posts: 386
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.


2007 G6 beater.2012 E450 box truck. 2018 Chevy Traverse.2017 E450 box truck.2017 Chevy 3500 extend cargo van.
Re: Umbrella Policy? [Re: maverickfhs] #4718124
04/06/18 09:03 AM
04/06/18 09:03 AM
Joined: Jul 2005
Posts: 30,623
NY
demarpaint Offline
demarpaint  Offline
Joined: Jul 2005
Posts: 30,623
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.


God Bless Our Troops

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