I'm deciding whether or not to get an umbrella policy (property is already in LLC) and will likely get one - but was wondering if anyone had any personal stories where something happened and the umbrella was needed and was effective? Just curious to hear cases. Thanks.
It is rare, but they are meant to protect you in extreme cases. Of course it would have to be a claim over the liability on the property for the umbrella to take effect. If the property is in the LLC and there a claim that is high enough to go over the property liability I have heard of people getting around the LLC and going after the owner of the llc as a heads up. For the cost of an umbrella ($180-$400) a year it is worth the protection. Also most of the companies would help in court if it came to it if you have an umbrella policy.