<p>artloverplus, how much liability is required may depend on the insurer (and/or the state). We used to have one amount, after which the umbrella kicked in, and then the insurance company raised the liability requirement.</p>
<p>No tonly have we had an umbrella policy for eons (guessing at maybe 25 yrs or so) but I am maitnaining the umbrella policy on my dads house/estate until the house sells. We have had workers and potential buyers there. What if someone claimed they hurt themselves and sued the estate? Don’t need THAT hassle on top of everything else!</p>
<p>My umbrella requires 250/500 on underlying auto coverage and 100/300 on homeowners.</p>
<p>My state does not require uninsured/underinsured and I always consider dropping it, but haven’t. I understand there are many driving without insurance, but I’m not sure I see the need if I drive old cars with little value and I have good health insurance. I don’t let others drive my car and I very rarely have passengers. If I were in an accident and at fault, my liability coverage would pay for the claims of my passengers or those I hit.</p>
<p>The chances of me being hit walking, riding a skateboard, or riding a bike are very minimal and a risk I’m willing to take. When I present the above paragraph to my agent, I get the blahblahblah long winded answer that doesn’t really say much. If cartera or anyone can better explain why I need under/uninsured in my circumstance, I’d appreciate it.</p>
<p>For us, we just get the lowest limits our umbrella will allow on our cars as well & that saves some $$ that can go towards the umbrella premiums. The whole point of insurance is to cover against MAJOR risks, which is what umbrellas are all about. They’re a smart investment if you or your spouse and/or family and/or kids have or MAY acquire assets.</p>
<p>Having an umbrella also lets me sleep well at night, knowing I have the protection to take care of people I or my loved ones covered by it may somehow injure without making us total paupers. Poverty is definitely not something I aspire to.</p>
<p>systress, If being out of work because of an accident would significantly impact your family, I would carry the UM insurance for the lost wages aspect of it. I am a single parent with a child in college so if I were to be put out of commission for an extended time, it would be disastrous. The UM coverage would make me whole with regard to lost wages. </p>
<p>I got my umbrella policy many years ago and my agent tells me that particular policy is no longer available. It may because I am able to get the coverage with the 100/300 limits.</p>
<p>The point of an umbrella is to cover you past your policy limits. If you are in an accident and several peple are seriously injured, unable to work, etc etc you want the insurance to cover the potential damages. They can sue over your policy limits and it will come out of your assets.</p>
<p>Most parties (& individuals) can be sued for pretty much any amount (unless there are some limits are set by the court or jurisdiction), regardless of what insurance or assets appear to be involved. It is not the victim’s problem how whatever award is made gets paid–whether from the insurance policy, wages, other assets or some combination. Some attorneys and victims may choose not to pursue beyond whatever policy limits the person who harmed they have but that is NOT required.</p>
<p>Umbrellas, as their names suggest, are to protect you for loss in excess of whatever your policy limits are, which is why most policy require certain minimum limits on your primary coverage, which pays BEFORE the umbrellas have to pay.</p>
<p>Uninsured and underinsured coverage covers YOU, the policy holder. This is what kicks in when the person who hurts/injures you or those covered by your policy and doesn’t have ANY or enough insurance to cover the loss. We have as much as our insurer offers on these, just because there are SO MANY who are driving without any or sufficient insurance for the tremendous damage that can occur with a vehicle. It doesn’t matter how careful I or my insureds are–it’s those other nuts out there, driving poorly and without adequate insurance.</p>
<p>We got our umbrella policy after our dog ran out the door and tried to bite the mailman. I say tried because no skin was broken or bruised and no pants were torn or visibly damaged. Still it was “unwanted contact” and the mailman complained and our dog was temporarily quarantined (at our house). That, plus teenage drivers were reasons enough for us!</p>
<p>We have an umbrella (all insurance, car, house and umbrella) with AAA. Doesn’t cost that much. Got it first because H was working from home. He had different liability insurance, but seemed like a good protection to get umbrella. We should probably look at everything again. I am nervous because we took DS off our cars while he is at school with no car. But heard that he borrowed a car for a grocery run, so now I need to know if that situation is covered. Guess I’ll ask about limits and umbrella limits at the same time.</p>
<p>Umbrella is like the rest of insurance… seems a bit expensive and you never ever want to use it, but if you need it, you REALLY need it.</p>
<p>My dog, eons ago, during a move, bit or attempted to bite the mailman. Our renter’s insurance took care of the matter, as I’d think homeowners would as well, unless massive and disfiguring, in which case it would go beyond the homeowners policy limits, right? </p>
<p>Kids in college, I’ve learned from this board, is totally different in different states as far as insurance costs. My insurance allowed them as occasional drivers if out of state for college, no extra charge. But the one who was just on this side of the state line, and came home as infrequently as out of state kids, I had to pay for. Should revisit that as well, as she is now far from home. </p>
<p>Using this as a disability insurance, makes very good sense, if it is a non work related disability. Though I’d hope that most with good employers, as I do, have short and long term disability.</p>
<p>Great Lakes Mom - sorry I’ve been traveling. The “Dummies” author recomends looking at your “needs” first and finding an appropriate umbrella. Do you have a boat, jet ski, snowmobile, ATV, home business etc.? All umbrellas will cover normal car and slip and fall accidents, bot some carriers include the other coverages. If you shop around you can fill coverage gaps. After picking the proper umbrella he then places the auto and home with the same insurer. While you don’t have to, you should use the same carrier for all your policies. This avoids problems when the claim is more than primary coverage and both carriers need to approve of the settlement strategy.</p>
<p>Thanks, Chicago Bear. I have none of the high risk activities or items above, and lead a lower risk life now than for most of my time on this earth, which is why all this seems rather ironic. But will explore with my agent, as well as AAA, as recommended by eso above. </p>
<p>Appreciate all the responses and stories!</p>
<p>I first signed up for a $1mm umbrella in NJ and I think it was around $100, but 10 years later it was $800/year. It is less now in NC. Your dog stories reminded me long ago our Westie chased a substitute mailman down the driveway. My inappropriate response was to laugh because I knew she was harmless and the scene was hilarious. Fortunately no complaint was filed.</p>
<p>I’ve seen a range of premiums quoted in this thread. And while the umbrella policy is dollar for dollar the best buy in insurance, I thought you should know why there may be a such a wide range of premiums. </p>
<p>Umbrella premiums are impacted by several factors: the number of residences that are owned; home offices, home businesses, trampolines or swimming pools at the residence; how many vehicles are owned; how many drivers under 25; number of dogs and breed; number and size of any boats; number or other “toys” - ATVs, snowmobiles; and, your state of residence tort liablility limits (if any) to name a few.</p>
<p>In addition, some umbrellas are better than others - they have a wider scope of coverage. Furthermore, some insurance companies allow you to had the option of applying your umbrella to your underlying uninsured/underinsured motorist coverage - which would benefit you. So be sure to talk with your agent. I recommend using an independent agent that can compare and quote policies from multiple insurance companies versus captive agent that only sells one company’s products.</p>
<p>Yes, be prepared for the premium to skyrocket once you add the kid(s) to the policy. My umbrella is applied to the uninsured motorist coverage but I understand the company no longer offers that. I am grandfathered in.</p>
<p>That’s interesting…our umbrella premium is still pretty low ($28/month) with two teenage boys driving. The auto insurance however is crazy-high :-(. When does it start to go DOWN???</p>
<p>
When your boys hit 26 with a good driving record, or when they are no longer “members of your household” and thus no longer carried on your policy, whichever comes first</p>
<p>In Florida, most homeowners insurance policies now exclude dog attack coverage, including the 1.5 million policies with the state operated Citizens Ins. Co. If you have a dog, check with your insurance agent for proper liability coverage for dogs; or at least put a “bad dog” warning sign by your front door that folks enter at their own risk!</p>
<p>Who? To answer Great Lakes Mom, I did twice. Once I was leader of a service organization(no names) and once at a college party we wanted to host an event on public street and sell beer. Street blocked off of course, but needed umbrella coverage for 1 day at each event.</p>
<p>Our premium just doubled. We have a new teen driver, and a senior driver. Does that justify 100% increase in premium?</p>