I own a few down and dirty properties and a couple of old cars and it seems from what I can tell it would be a good idea to get one of these umbrella policies. Liability and property type coverage of course but I was curious if anyone has had any good or bad or whatever kinds of experience they would be willing to share on this, that might be helpful in buying or shopping for this kind of insurance? Any thoughts would be appreciated. Thanx!
2006-08-31 15:07:37 · 7 answers · asked by Anonymous in Politics & Government ➔ Law & Ethics
I have umbrella coverage with State Farm Insurance Co. but I have been lucky enough to have never used it. It does make me relax knowing I have less to worry about in my day to day activities. I think that was worth the price alone.
2006-08-31 15:21:46 · answer #1 · answered by Milan J 3 · 0⤊ 0⤋
It's a good thing to have, but be very careful. You still need the primary policies, and be sure that you know at what level that umbrella policy comes into play. I've seen plenty where there was a requirement for $1,000,000 underlying coverage, and the policyholder only had $500k underlying, leaving a half million uninsured gap. Unless you have a lot of spare cash laying around, that's a really bad idea.
2006-08-31 16:32:23 · answer #2 · answered by Catspaw 6 · 0⤊ 0⤋
Better liability coverage is usually a plus. It comes at a cost though. Not just the price of the umbrella policy though, the policy will usually force you to raise your individual policy coverage(s) to specific limits; that can run big $.
2006-08-31 15:17:12 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Umbrella insurance is what you want. If you want to cover several buildings and vehicles you cover for say 500,000 if your houses burn and your cars get stolen all you will get is the face value of the policy...and they won't insure a 62 citreon for 200,000
Most umbrellas are for things like carnival rides liability, or say the Shriners have a parade. their vehicles are covered under a 1,000,000 umbrella. Not a good idea for day to day use items like houses.
2006-08-31 15:22:00 · answer #4 · answered by Anonymous · 0⤊ 0⤋
It's a good idea if you have property; it increases the amount of coverage in case of a large lawsuit.
Talk to an insurance broker (who has access to many companies).
2006-08-31 15:15:29 · answer #5 · answered by Anonymous · 0⤊ 0⤋
It will probably cost you more or you will get less coverage. If it was advantageous to you, they wouldn't offer it.
Go to www.zanderinsurance.com. If they don't sell it, it's a scam.
2006-08-31 15:17:23 · answer #6 · answered by normobrian 6 · 0⤊ 0⤋
sorry didn't even know i needed insurance for my umbrella
2006-08-31 15:16:53 · answer #7 · answered by ptmamas 4 · 2⤊ 1⤋