[re_guderian]

Other than "men shouldn't carry umbrellas"...

How many of you have an umbrella liability insurance policy? What would be typical limits/costs? I guess I need to go talk to my agent (State Farm) but any tips/pointers would be appreciated. I have plans to pay of my house (or at least be able to) in 5 years, a budding RE development business on the side, a career, and do lots of volunteer work with my church - including working with Boy Scouts. I have had several people recommend these to me, but just wondering what experiences you have with need/cost/benefit.

[Cube Dweller]

If you were at fault in a car accident driving the cruiser or the minivan, what's the likelyhood the other person's personal injuries, pain and suffering, medical, etc etc would exceed the liability coverage you carry on your vehicles?

Cruisin Carolina can fill in the details...

[Cruisin'Carolina]

I'm about to get one as soon as I open shop (hopefully) soon...

I'll have to check on how it would extend to your business pursuits, if it all. I think you'll find that a commerical umbrella would be used to cover business pursuits, and a personal one otherwise.

First, you'll have to max out or increase your auto liability coverage so their is no coverage gap between that policy and where the umbrella starts. You may have to increase you HO policy's liability as well, depending on where it is as well...

Prices vary so much from region to region, I'd hate to give you an idea and be waay off....depends also on number and ages of drivers. Generally they start with $1 mill and go up.

I recently insured a university professor, single car/driver household for $1mil at around $90/year...I've seen same coverage with 3 drivers (1 teenager) be around $270...Your state could be more or less depending on how tort happy the place is...

You must have a squeaky clean record even to get one, generally.

This link didn't help much, but I think again for business or professional coverage you'll have to get that with your commericial coverage.

http://www.statefarm.com/insurance/other/personal.asp

[Cruisin'Carolina]

need/cost/benefit....tough to peg...if you have assets, this is the way to protect them...

a recent dog-bite in my office went to $500K....the people did not have one, and their HO coverage provided $300K.....

it is rare to have to use it.....my mentor, who does carry it, calls it "sleep insurance"....probably muich greater of a chance of tapping in due to auto, but again, it is rare it is needed......

buck for buck, it is the cheapest coverage out there for the dollar amount of protection...

[Urrrk]

Why do you need to insure your umbrella? You live in Arizona, you don't even use it.

But seriously, we are approaching the umbrella policy practicality zone, wherein our assets are starting to exceed our liabilities. My agent proposed it when we were first buying our present house, but we were stretching to make the payment, and figured we'd just lose the mess if things got tough. Now it looks like we can pay it off, and f*ckhead, err, ahh, my agent won't call me back.

[dieseldog]

My wife and I are both professionals and have carried an umbrella policy for seven figures ever since I got out of law school. Even though I don't practice now, she does and it's just been a very wise decision IMHO.

[Buckethead]

I just got one -- Most any carrier that insures your home and auto can write one and they are cheap.

Most companies will have guidelines that your auto liability has to be at least 250/500 and your home 300k -- then I would say the average $1 million PUP policy would be $150 - $200 / year -- very cheap for the peace of mind.

[rgsiii]

I have had a two million policy for many years. IIRC, mine has good bit higher cost than some mentioned(more than2x)--maybe location/amount of litigation? I am with State Farm.

I live in a target rich area for trial lawyers--friendly juries.

[Degnol]

An umbrella policy can actually improve your chances of getting sued. I have one anyway, CruisinCarolina is right about the cost/coverage ratio.
If you get one, certainly don't advertise it, like I am on the internet.

Ed

[beaufort-fj60]

“Security is for cadavers.”