Umbrella Insurance Policy

[HPBoats83]

Does anybody have one of these? If you do have one what was the reason that made you decide to get a policy?

[INSman]

Does anybody have one of these? If you do have one what was the reason that made you decide to get a policy?
Common sense is the #1 reason .......
If you have nothing to lose, then don't sweat it. If you make a decent living, have a home or two, a boat, RV, and any other toys then you are out of your mind NOT to have one. They are pretty reasonably priced and although you hope you never have to use it, you will be glad you had it if ever that day comes. ;)

[RP2]

Common sense is the #1 reason .......
If you have nothing to lose, then don't sweat it. If you make a decent living, have a home or two, a boat, RV, and any other toys then you are out of your mind NOT to have one. They are pretty reasonably priced and although you hope you never have to use it, you will be glad you had it if ever that day comes. ;)
Yep, that about sums it up... small price to pay to keep everything you work for.

[UltraBigDaddy]

I agree... If you own a home or two, nice cars, a Boat and maybe a Golf car or Dessert Toy, you Must Have one... Too many hungry low lifes out there that will take it from you in a law suit... As stated, well worth the price... Specially if you have your own business....
ShockwaveBob, nice Rhino.. I mght have a friend that is looking for one in Needeles..
Hurst

[Keith E. Sayre]

Having worked for State Farm in a previous life in Utah I can say that the
umbrella policy is a bargain for protecting your assets and your future income
from possible personal liabilities. State Farm would make you put your home,
boats, cars, and toys all at 100/300/50 limits of liability and then would give you a million dollars of coverage for about $190 a year to start. The more
cars and toys and boats and houses that you had, the more the premium.
Someone with 3 cars, a couple of youth drivers, 2 homes, a boat and a sand car would pay about $275 a year. Then for $2,000,000 worth of coverage
it was one and a half times that amount.
Remember, this was 20 years ago and it was in Utah, not California so I'm sure it is a bunch more in California.
Great policy though to have.

[HPBoats83]

Having worked for State Farm in a previous life .
At this point I don't have much but I could see my dog running into somebody at the dog park and they fall down and sue my ass. Wouldn't this umbrella policy cover something like that too, or is it just "extended" coverage on the policy's you already have?

[Throttle]

is an umbrella policy gonna cover me when it rains?
I think so... I have been waiting to do this soon...

[UltraBigDaddy]

Yes, it would cover the incident above if any of your homeowners policy.....
Throttle, is that your cobra Boat ? Nice looking boat.. I almost purchased an 27.8 Razor last summer.. I went with John West at Ultra Boats instead..

[Singleton]

Common sense is the #1 reason .......
If you have nothing to lose, then don't sweat it. If you make a decent living, have a home or two, a boat, RV, and any other toys then you are out of your mind NOT to have one. They are pretty reasonably priced and although you hope you never have to use it, you will be glad you had it if ever that day comes. ;)
Same reason I got one three years ago. Ended up with StateFarm and even though my boat is under someone else, since my boat policy has the same limits as my StateFarm policies (cars, house) my SF umbrella covers it.

[rmarion]

three teenage Boy's that owned and drove their own cars............:eek:

[Comfortably Numb]

Two kids and 5 Grandchildren who all think they can driver everything better than Scott Dixon

[ULTRA26 # 1]

Yes of course. To protect everything I own.

[HDF WATERDOG]

In my case it is literally and extra policy above and beyond primary policy. My minimum coverage must be 6M. My primary will only write a 4M policy, so I buy a 2M umbrella. The average claim is 1/2M or less. I don't want to be the example of being under-insured.

[Keith E. Sayre]

About the dog claim, yes it would be covered. Normally if a dog bites someone and they came after you, your homeowner policy would defend the case in court and pay up to the limits of liability that you purchased. If that
amount was exhausted, then the umbrella policy is like "big brother" and it would come in and pay the balance owed (assuming you lost the case in court) up to the limits of the umbrella.
You could do the same thing and get the same coverage without the umbrella policy by simply raising the limits of liability on each of your personal
policies on your boat, cars, home, toys etc etc. but it would end up costing
you a bunch more to do it that way.

[delemorte]

We have one for a few reasons
If i end up shooting a crack head and his familly sues me..
If one of the neighbors kids breaks his leg in my yard and sues me...
if i run some one over in my truck and they sue me..
Ours costs us 250 a year for a million bucks in coverage... well worth it.

[delemorte]

You might want to check with your insurance company and find out if they will still cover you if you do something illegal or are found negligent. I'm only pointing that out because you state "if ... his family sues me." If you lose that lawsuit, you'd almost certainly have to have broken the law or be found negligent.
Yes.. Well aware if i break the law or commit a crime and kill some one im going to prison or the needle in my state.. I mean in the context that if in the scenario i am being carjacked and shoot this idiot or if there is a home invasion and i end up painting my walls in grey matter.
Luckily i am a member of the NRA and if i am involved in a shooting where it appears to be justified they will send me free legal representation.

[INSman]

Just to set the record straight, the term "Umbrella" is actually quite misleading and many think that it picks up something that should or could have been covered elsewhere. Best idea is to "strike" the term Umbrella and just think of it as an "Excess Liability" policy that sits on top of what we call "Underlying" liability policies, typically a component of your Homeowners, Auto, Boat and RV policies (just the liability). Liability in its' simplest form is Bodily Injury or Property damage to others.

[ULTRA26 # 1]

Just to set the record straight, the term "Umbrella" is actually quite misleading and many think that it picks up something that should or could have been covered elsewhere. bBest idea is to "strike" the term Umbrella and just think of it as an "Excess Liability" policy that sits on top of what we call "Underlying" liability policies, typically a component of your Homeowners, Auto, Boat and RV policies (just the liability). Liability in its' simplest form is Bodily Injury or Property damage to others.
Good Post

[bchbum]

We redid our insurance when we finished our pool .Added an umbrella for 1 million just because of the amount of kids that would be at our house .We're not rich , but we don't want to be poorer due to a lawsuit .

[The Doctor]

I won't be caught without one! We own a few parcels of vacant land besides our home, boats, cars, etc. and I can picture getting a summons hand delivered to my door for some negligent dingle berry riding his dirt bike across my vacant property then suing me for owning such a death trap. In today's society where the legal system seems to wear the hat of Robin Hood (taking from the haves and giving to the have nots) I'd like to avoid being the next victim of some Stella Liebeck.

[HOSS]

I`ve got one just because of commercial rentals. Renters run business too. Save my asss when all else fails.