Umbrella Policy

[dale farley]

I got my renewal notice for my umbrella policy today, and I am wondering if anyone knows of a better deal? My policy is through a company called "Personal Umbrella". I have my bus, 3 other vehicles, my house and 2 small vacation homes insured for $2,000,000 liability.

The cost is $552 a year. Is that comparable to other policies? I think I was referred to this company by Explorer, but I'm not completely sure of that.

[Joe Cannarozzi]

That is a very good price. Do you have a phone#?

[phorner]

This premium sounds about right..... I have a $1 million personal liability umbrella policy and the premium is $262/year.

[dale farley]

Paul, It seems to me $262 is close to what I was paying before I got the bus. I had a $1mil policy at that time. I think (for some reason), I had to go to a $2mil policy. Maybe $2mil is the minimum for this company.

Joe, The # is 888-774-6778 (Robert Isbell). I see they are affiliated with Explorer, because the renewal notice has Explorer Ins and Navigators Ins Co. listed.

[garyde]

I have an Umbrella with Allstate , I believe mine is about the same. Our RV insurer ,Explorer, recommended we go with the umbrella and reduce Liability ($500,000) on my Coach to save premium costs on the RV. An additional benefit was a reduction of my primary home policy premium.

[dale farley]

Sawdust, I have the umbrella policy just because it is the easiest way to cover all vehicles and real estate for a reasonable sum and give me something to lean on if I ever get sued. It is cheaper than trying to carry a sizeable liability policy on everything separately.

[Denny]

Sawdust,

You still need the basic insurance coverage on your bus, home, business, etc. The umbrella policy begins when you have reached the limits of your primary coverage. I carry two umbrella policies; one on my business and also a personal one.

[dale farley]

Sawdust, As Denny said, the unbrella policy doesn't replace the other coverage.

[phorner]

The Umbrella policy is for liability only. In other words, it only pays out to someone else, not you.

This type of policy only "kicks in" after the liability limits of your primary policy is exceeded.

As an example, my coach is covered by a policy which provides "full timer" coverage (more like a homeowners coverage) and has a combined single limit of $500,000. So, the most that this policy will pay out in a single claim, should some jury decide that I am responsible for someones injuries, is the 500K.

But, if the total jury award exceeded that amount, then my Umbrella Policy would kick in up to an additional $1 million.

After both policies were exhausted, then they start looking at my personal assets...........

Depending on what you feel might be "at risk", you very well might not need the umbrella policy.

[Jon Wehrenberg]

Think of an "umbrella" policy as added protection for a lower cost.

Let's presume you have a couple of cars. If you cause an accident you could be sued so you want to make sure your liability limits are sufficiently high to protect the assets you have. So you want limits of $2,000,000 for example. That is not a lot in today's climate, especially if you have the unfortunate luck of hitting a school bus.

Add to that the cost of carrying $2,000,000 in liability coverage for the bus. Maybe a car can't do much damge to people or property, but a 50,000 pound bus has great potential so it really needs to be covered.

Let's also presume you want protection for your home in case the landscaper gets bitten by your dog. You have the big house, he doesn't, so he will sue you because you have money.

Instead of having high limits on a bunch of individual policies and paying the very high premiums to get those limits, take out an excess liability policy which only might require $500,000 underlying limits on all your other policies reducing those premiums substantially, while only costing a fraction of that cost to get the much higher liability limits.

An umbrella policy is liability only and if you get sued you will have the insurance company protecting you up to the limits of the policy.

[flyu2there]

I too carry umbrella protection, just one word of caution, make certain that your bus or whatever is included in their protection. Some policies are pretty basic and may include a car or two, a home or two and that's it! I was looking for a policy that would also include my airplane, couldn't find one...but that's airplane insurance, a whole new ball game.

John

[truk4u]

And the first thing the blood sucking Attorney's do through Subpoena, Discovery or other legal means is determine if you have excess Liability so they can adjust their claim amount accordingly.:mad:

It's good to have, I do also, but check your policy like Fly Dude suggested to be sure your covered for the concerns you have.

[garyde]

It used to be one Insurance Policy was adequate. About 10 years ago, because of lawsuits, my insurance company began recommending an additional $1,000,000 of Liability Insurance on top of my existing commercial Insurance Policy which was also $1,000,000, Giving me added protection.
I could have purchased $2,000,000 on my primary policy, but the Umbrella was cheaper.

[JIM KELLER]

I have read this Thread with interest. Perhaps the information I have learned will save me money. My 3,000,000. Umbrella Policy is 1102. per year.

Thanks for the Thread, Dale.

[dale farley]

I suppose I will just renew my policy unless someone knows of a better deal.