SIGforum
Umbrella Insurance Policy??
May 04, 2020, 08:44 AM
PatriotUmbrella Insurance Policy??
What say you folks? Worth it or bunk?
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May 04, 2020, 08:46 AM
a1abdjI have one for other reasons, but it does also cover lawful self defense scenarios. Not all of them do. Mine is through State Farm.
May 04, 2020, 08:48 AM
6gunsI own a rental....used to be several. I have one primarily for that.
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May 04, 2020, 08:51 AM
ZSMICHAELIt is a good idea if you have assets and a business. Lawsuits generally go after everything you have. I have had one for years.
May 04, 2020, 08:55 AM
Haveme1or2Imo it depends if all your stuff is paid for. One accident could cost you everything.
What gets me is that I have to have full coverage on my 16 yr old truck that they would total if any damage cost 4k+ ... But 1million seems to be the law suit happy place. So to keep house, guns & boat safe I got an umbrella policy.
May 04, 2020, 08:59 AM
chellim1Just fold it up and put it away when storms approach...
Wait, nevermind.
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-rduckwor May 04, 2020, 09:09 AM
GeorgeairAbsolutely. Limits on auto/boat/home policy would get quickly overrun in a lot of scenarios, not just a shooting.
Run into a fancy $150K+ car or two, or a $200K boat - screwed. Someone falls down your steps - screwed.
Under $500 for a $2MM policy is pretty cheap assurance all my assets aren't at risk.
You only have integrity once. - imprezaguy02
May 04, 2020, 09:15 AM
610A very good idea. Everyone should have one. Most folks don't!!!
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May 04, 2020, 09:17 AM
Rustybladequote:
Originally posted by a1abdj:
I have one for other reasons, but it does also cover lawful self defense scenarios. Not all of them do. Mine is through State Farm.
Same for me. While I worked there were attempts many times by those who viewed me as a walking bank-later a ATM. When I retired I cancelled and saved the $120 a year (250 but discounts for multiple policies).
Do not necessarily attribute someone's nasty or inappropriate actions as intended when it may be explained by ignorance or stupidity.
May 04, 2020, 09:17 AM
FishOnIt is a must have. Even if you don't have a lot of assets, you can still have your income garnished if you are sued. Cheapest insurance ever.
May 04, 2020, 09:19 AM
RileyI wouldn’t be without one.
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Expectations are premeditated disappointments. May 04, 2020, 09:20 AM
PatriotWell, it seems like a good idea...thanks all.
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May 04, 2020, 10:28 AM
gpbst3I have a 1 million umbrella policy through Erie. I had to up my car insurance to $300k coverage which only added about $100 a year. I then got a multipolicy discount which made the umbrella policy only about $200 a year.
May 04, 2020, 10:40 AM
12GAI’ve had one for many years. The peace of mind is definitely worth the small premium I pay.
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May 04, 2020, 10:57 AM
Pipe Smokerquote:
Originally posted by ZSMICHAEL:
It is a good idea if you have assets and a business. Lawsuits generally go after everything you have. I have had one for years.
Ditto. The cost of an umbrella policy is generally lower if you have home and auto insurance with the same company. Farmers, in my case.
Serious about crackers. May 04, 2020, 11:05 AM
mcrimmWe've had one for a number of years through Travelers. Bundle with your home and auto.
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aileron$2M through GEICO; about $500/year
May 04, 2020, 11:35 AM
Sig209check for exclusions
you might be surprised what they don't cover and when they will pay what IS covered
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May 04, 2020, 11:46 AM
Georgeairquote:
The cost of an umbrella policy is generally lower if you have home and auto insurance
Not just that, sometimes the other underlying policies themselves will be less expensive with an umbrella in place. I know that makes no sense, but I had a better price on umbrella through a professional association and got that. When I call agent to cancel that coverage with State Farm he explained to me how much my auto/boat/home policies would go up, making it a huge mistake to move.
This could be some of the normal State Farm shenanigans, but check it out with your carrier.
You only have integrity once. - imprezaguy02
May 04, 2020, 11:54 AM
MagnumUThey are a good idea to protect your assets and take away any incentive for an insurance company to settle out, paying their policy limit, and leaving you with defending the balance of the claim.
My other reaction was, I can insure my umbrellas for loss?