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Do you have an umbrella insurance policy? If so, how much? (1 Viewer)

Otis

Otis

Footballguy
I have home and auto, along with a life insurance policy. I'm realizing I probably should get an umbrella policy, or at least I've been told it's a good idea. A few question for the insurancenerds:

- Is an umbrella policy a necessity or a scam?

- Assuming I should get one (I think it's not much per month at all), how much coverage should I have?

TIA

 
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It isn't a scam and typically not that expensive, whether it makes sense depends on a lot of individual factors. I don't have one and I don't anticipate needing one as I feel sufficiently covered with the individual insurances I have purchased.

 
Yes, 1 million mine is about $200 a year

You only need it if you're a high net worth individual and if for whatever reason someone got injured on your property or something along those lines and they sue to come after you that you're covered.

If you have more debt than assets I think you could get by without it

 
Dentist said:
Yes, 1 million mine is about $200 a year

You only need it if you're a high net worth individual and if for whatever reason someone got injured on your property or something along those lines and they sue to come after you that you're covered.

If you have more debt than assets I think you could get by without it
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I don't think you need to be a high net worth individual. I would say once you own a home, it's probably a good idea. It's not very expensive.

 
Agree with everyone else in that it is not very expensive and fills in some gaps in other types of coverage or kicks in if you are sued for an amount in excess of existing coverage. I think mine is about the same as Dentist $1 million for about $200.

It also usually covers libel and slander so I like to think of it as FFA insurance.

 
Oats

Check to see if your firm offers some sort of group personal excess opportunity. Its basically a high limits umbrella policy that a bunch of people (typically the partners) all kick in for.

Its not what I do personally (I'm on the commercial side) but the company I work for has a really good product and law-firms are a target class for us.

If you just want to go it alone (forgoing some sort of group plan) ....no its absolutely not a scam. If you have decent amount of personal assets, its basically a no-brainer. (especially in a litigious state like NY) They're really not that expensive.

 
TLEF316 said:
Oats

Check to see if your firm offers some sort of group personal excess opportunity. Its basically a high limits umbrella policy that a bunch of people (typically the partners) all kick in for.

Its not what I do personally (I'm on the commercial side) but the company I work for has a really good product and law-firms are a target class for us.

If you just want to go it alone (forgoing some sort of group plan) ....no its absolutely not a scam. If you have decent amount of personal assets, its basically a no-brainer. (especially in a litigious state like NY) They're really not that expensive.
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:goodposting: CNA offers a "cape endorsement" to their commercial umbrella policies that allows an officer's personal coverages to be listed as underlying policies.

 
Never knew umbrellas were so freakin expensive. You are probably better off buying 400 lottery tickets from a statistical point of view. What you are buying is peace of mind.

 
jon_mx said:
Never knew umbrellas were so freakin expensive. You are probably better off buying 400 lottery tickets from a statistical point of view. What you are buying is peace of mind.
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You could say this about almost all insurance. The cost is low enough that it's worth it for me.

 
Tom Hagen said:
jon_mx said:
Never knew umbrellas were so freakin expensive. You are probably better off buying 400 lottery tickets from a statistical point of view. What you are buying is peace of mind.
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You could say this about almost all insurance. The cost is low enough that it's worth it for me.
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Insurance has expensive selling costs and large profits. Umbrella is far from the worst insurance you can buy, the worse is probably Title Insurance. But a few hundred bucks for peace of mind is worth it for most people.

 
jon_mx said:
Insurance has expensive selling costs and large profits. Umbrella is far from the worst insurance you can buy, the worse is probably Title Insurance. But a few hundred bucks for peace of mind is worth it for most people.
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not really. Total Expenses will run about 20% of premium, and profit %s are in the small single-digits, with some lines (like auto/home) only making money on the float (investment income earned between the time you pay premiums and the time claims are incurred/paid out). Those lines are just way too competitive for anyone to make any sort of excess profit.

you're right to identify Title Insurance as a line with very high margins. It's a business that begs for some type of 21st century efficiency innovation.

 
curious if anyone here has had to use their umbrella policy (ie, make a claim against it).

it rarely kicks in, assuming you have the required liability limits on auto (usually 250/500) and home (at least 500k i would guess)

 
I have 1.0m umbrella. I would definitly get if you have dogs that are covered by policy. pool, pool with diving board, young drivers on your policy or have a high net worth. Note that most personal policies exclude trampolines, dog breed of akita, pit bull, chow and rottweiler,

 
oso diablo said:
curious if anyone here has had to use their umbrella policy (ie, make a claim against it).

it rarely kicks in, assuming you have the required liability limits on auto (usually 250/500) and home (at least 500k i would guess)
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Had a neighbor who used his when he got sued in a car accident. We purchased ours ($1M) when we moved to a home with a pool but have never had to use.

 
How do you go about getting it? From one of your current providers (home, auto, business)?

What items, if any, are excluded?

 
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