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Started By
Message
re: Umbrella Insurance Policy
Posted on 9/17/25 at 12:00 am to Lawyers_Guns_Money
Posted on 9/17/25 at 12:00 am to Lawyers_Guns_Money
Insurer?
0
Posted on 9/17/25 at 5:43 am to GeauxTigers1983
Two things I own - land and insurance.
Carried an umbrella policy for well over 25 years - just in case. Makes sense if you want to protect what assets you own and your income stream.
The poster that said shop around with an independent agent is spot on. They will run your needs across several carriers and typically get you a better deal. Just need to check the quality of the insurer being offered.
Carried an umbrella policy for well over 25 years - just in case. Makes sense if you want to protect what assets you own and your income stream.
The poster that said shop around with an independent agent is spot on. They will run your needs across several carriers and typically get you a better deal. Just need to check the quality of the insurer being offered.
Posted on 9/17/25 at 6:44 am to weptiger
Thanks. I currently have Allstate for home and auto. I don't have a lot but what I do have I want to protect. I am 42 years old and have worked too hard what I do have.
Posted on 9/17/25 at 9:26 am to Dallas Horn
quote:
Complained to my insurance company about the premiums on my Umbrella skyrocketing.
They said it's because of inflation.
I asked them why isn't the $1 million amount I am being insured for also increasing due to inflation since they should correlate.
Crickets of course.
Probably because the average claim payout is going up. Not every claim is going to end up paying out the full $1 million limit. If the average payout on umbrella claims used to be $300k but has risen to $500k over the last few years, then the insurance company is going to have to adjust rates to account for that....even if your $1 million limit remains unchanged.
Posted on 9/17/25 at 9:33 am to craynagin
Mine was $755 per year for 1 million but it also required to significantly increase my auto coverage and that got prohibitively expensive.
I know we have some attorneys here (plantiff and defense) and I’m on the medical side. How often do people pay out beyond their policy ?
I know we have some attorneys here (plantiff and defense) and I’m on the medical side. How often do people pay out beyond their policy ?
Posted on 9/17/25 at 9:37 am to GeauxTigers1983
quote:
Is there a benefit for having that type of policy?
Umbrella policies are for people who are either high income earners and/or have assets to protect in the event they get sued.
Umbrellas are an excess liability policy above and beyond the liability coverage on your regular auto insurance, homeowners, boat policy, etc. The umbrella coverage kicks in when you get held liable for a higher amount than the max limits on your regular auto policy.
You will need to carry high coverage limits on your regular auto, home, and other policies in order to be eligible for an umbrella. In LA, most companies will require at least $300,000 liability coverage on your homeowners, boat, and motorcycle policies....and $250K / $500K on your auto. So you if carry lower limits on those, you'll have to raise them to even be eligible for an umbrella policy.
Say you cause an accident and the person you hit wins a judgement for $800K against you. Your auto policy will only pay out a max of $250K per person, so the umbrella would kick in to cover the additional $550K. Without an umbrella, the plaintiff's lawyers may end up seeking seizure of assets or wage garnishment for that $550K that went above your auto policy coverage limit.
Probably best to review your existing coverages with your insurance agent to see whether you would need to increase those existing coverages or not and what the overall cost for an umbrella would be for you. And maybe talk to your lawyer to know what assets you have that could potentially be at risk. I'm pretty sure primary residences and retirement accounts are protected, but not sure what else. I'm not a lawyer, so this isn't legal advice.
Posted on 9/17/25 at 2:59 pm to GeauxTigers1983
Seems to me that if you get sued for something, they generally try to determine how much insurance you have and magically, that’s how much the “injury” demand is…
Posted on 9/17/25 at 3:16 pm to SlidellCajun
It depends on how much equity you have in your home. If you have substantial assets to protect then the umbrella policy is desirable for peace of mind. It is usually cheap compared to other types of insurance because it is like having a policy with a huge deductible.
Posted on 9/24/25 at 5:19 pm to prestigeworldwide
How do you get that deal? I live in LA and we got absolutely ripped off this year. You paid $165 per million. I got charged $1000 per million.
Posted on 9/24/25 at 5:26 pm to TigerFanDan
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