And it got me curious. Almost everyone suggest getting an umbrella policy since it's relatively inexpensive. I agree. But is it worth it? And will the insurance company defend their clients? (assuming it's out of the client's control)
And I read somewhere that if you have over $1 million policy, your insurance company would have attorney representation on your behalf?
Are we all so brainwashed that in this litigious society, we need to get all sorts of insurance, just for piece of mind?
Do you KNOW of anyone that has been through litigation where they had to rely on the umbrella policy?
Investor · Bayside, NY · Member since 2017 · 1k+ posts · 1k+ votes
9y
My insurance agent had my home, auto, and various landlord policies carry a maximum of $500,000 liability, and anything over that is carried in the umbrella.
I originally carried $1,000,000 when I started, and increased it to $3,000,000. Premiums was originally under $1,000, and few million more only ran me another $200 to $300.
Totally worth it. Some scammer had a slip and fall, got a lawyer after me. I told him don't bother me, to go after my insurance. The lawyer dropped the client and case after 6 months because it was too much trouble. The scammer gave up on me after he pleaded with me to give him a few bucks to go away, and I said NO.
Investor · Downers Grove, IL · Member since 2015 · 1k+ posts · 955 votes
9y
@Andrew Holmes, yes I got one but I need to increase it since I've added more projects in the pipeline. Glad you're ok, looks like a pretty bad accident.
thank you for sending that umbrella comparison policy. Luckily, my insurance company covers most of the issues. Perhaps I need to look more into the rental car insurance's cheap additional insurance - for piece of mind - when I travel next time.
But I don't think our situation had anything to do with my Property Management company and how they handled the situation since it wasn't on our actual property and it wasn't even my tenant who had the slip and fall. In 30+ years, I only had this situation happen once, so it was more or less a fluke. These things can happen though, which is why insurance exists I suppose!
Investor · San Jose, CA · Member since 2013 · 9 posts · 5 votes
9y
I just got off the phone with my Homeowners Insurance - Travelers where I have an Umbrella Policy; I called to add my FL condo, they asked to see the declaration page for my FL condo since it is insurance with another carrier; and NOW Travelers is wanting to drop my Umbrella and said they do no longer want to extend an umbrella policy to me because of the liability in FL. Has this happened to anyone? Please PM if you have a great Umbrella policy that will cover FL.
Insurance Agent · Maitland, FL · Member since 2015 · 397 posts · 244 votes
9y
Lulu Logan Florida is tough. We have a few markets, like Hudson that will look at it. Don't bother calling Hudson directly, they work exclusively with independent brokers. We are one and work nationwide so we can do Hudson for you.
But yes if most insurance is water, then Florida is oil. It rarely mixes.
@Derek Lacy do you guys offer standalone Umbrella insurance policies up to $2M.. I'll send you my personal email to discuss further..
Lulu, there are several stand alone options in the market. It all depends on the make up of your portfolio and if you want a single Umbrella to go over your Home/Auto and business operations, or 2 separate policies (1 personal and 1 commercial).