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Thread: Umbrella policy?

  1. #1
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    Umbrella policy?

    Do you, or anyone you know deal with umbrella policies? Not a very popular product so it seems that some brokers/agents don't know or don't want to deal with them.

    Thanks, and welcome aboard.
    OF4WD 5982 & 5983

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    I do have the ability of setting up umbrella policies. The reason is not as popular is unless you have multiple risk (cottage, home, car, bike, atv, etc...) then it worked out cheaper to hve increased liability on each product instead of having a standard limit of $1mill with a 2-5 million umbrella.
    97' TJ SE.
    lift challenged

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    That's true about the cost, but at some point it becomes cheaper, and I'm thinking possibly cover more?

    What affects how an umbrella policy costs? I haven't looked in a while, but I wasn't able to find any online quoters.

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    I doubt you would be able to find one online. Really the only thing that changes the cost is the level of coverage($2,3,4,5 Million). Although they do have qualify guidelines. For instances they would need to know things like if you are part of any boards or a director. If so is there insurance in place for you in those roles.

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    So if your personal details like age, occupation, and insurance history doesn't affect costs, are there set rates for 2 or 3 million dollar policies?

    If you have a little time, can you please post some of the finer details of such policies? Who usually buys such policies, who it doesn't make sense for at all? Is it something we can consider to enhance your offload liability coverage? If you're someone who owns investment properties for example, is it something to consider? E&O policies don't always work for everyone.

    Thanks

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    State farm offers umbrella policies. I pay the premium for $200,000.00 on 3 policies.(2 autos and a house). Then all policies are covered with 2 million dollar umbrella. this way I pay the 2oo,ooo dollar premium 3 times instead of the 2 million dollar policy 3 times.
    I have been doing it this way for probably 15 years now.

    ---------- Post added at 04:20 AM ---------- Previous post was at 04:08 AM ----------

    Sorry for the post. Didn't see this was a new forum for Cormega to answer our insurance questions.
    Greg

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    Thanks for the input anyways hammer. My thinking is along with what you're doing. Once you have a few assets, does the umbrella policy become more cost effective? With autos, I'm thinking then my wife would need a policy as well because we both drive the vehicles?

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