 OT: Umbrella Insurance, necessary?, Howard?? |
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| neo914-6 |
 Aug 18 2005, 06:01 PM
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#1
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neo life  Group: Members Posts: 5,086 Joined: 16-January 03 From: Willow Glen (San Jose) Member No.: 159  |
Ok, so now that my wife has accumated more collectibles she wants me to buy an umbrella policy insurance to cover them.
My insurance company, Allstate says I need to max both my home and auto insurance BEFORE I can buy the umbrella policy! (IMG:http://www.914world.com/bbs2/html/emoticons/confused24.gif) I have old cars so I don't carry full coverage but my small shoebox I live in is appreciating. (IMG:http://www.914world.com/bbs2/html/emoticons/biggrin.gif) I live in lawsuit prolific California and live in the high cost of insurance/everything city of San Jose. Any reasonable suggestions or guides? |
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| cnavarro |
Aug 18 2005, 07:24 PM
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Cylinder Guru Group: Members Posts: 472 Joined: 30-December 02 From: Chicagoland! Member No.: 49 Region Association: None |
If it makes you feel any better, I have an umbrella policy coupled with my renter's insurance for the business that runs me $56/month from State Farm. My agent originally suggested such a policy as we just moved to a larger home, have a few cars, and are starting a family, so there are lots more liabilities than I had previously. Money well spent :-)
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| Howard |
Aug 18 2005, 07:31 PM
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#3
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Incontin(g)ent Member Group: Benefactors Posts: 5,785 Joined: 24-July 03 From: Westlake Village, CA Member No.: 943 Region Association: None 
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PM sent with free advice (IMG:http://www.914world.com/bbs2/html/emoticons/biggrin.gif)
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| MarkV |
Aug 18 2005, 08:07 PM
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#4
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Fear the Jack Stands Group: Members Posts: 1,493 Joined: 15-January 03 From: Sunny Tucson, AZ Member No.: 154 Region Association: None |
It would be nice to hear what that advice is. I have an umbrella that I am considering dumping. The umbrella only costs about $350 per year, but you are required to carry very high liability coverage to qualify for the umbrella. My agent thinks umbrella is a good idea but says she has never had a policy holders umbrella kick in. I think the umbrella is liability only and will not cover your collectables. |
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| bondo |
Aug 18 2005, 09:04 PM
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#5
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Practicing my perpendicular parking Group: Members Posts: 4,277 Joined: 19-April 03 From: Los Osos, CA Member No.: 587 Region Association: Central California |
I used to have an umbrella, but the wind picked up and it turned inside out and bent. I wish I had insured it. (IMG:http://www.914world.com/bbs2/html/emoticons/laugh.gif)
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| wheelo |
Aug 18 2005, 10:09 PM
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#6
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Dude Group: Members Posts: 265 Joined: 19-March 04 From: San Rafael, Ca Member No.: 1,818 |
As mentioned , Umbrella is for liability- only, and most carriers require "underlying" coverage amounts. Thing about umbrella policies, is they are usually very "Broad" in coverage, that is you are covered during more activities, such as boating, atv, etc.
They are excess insurance, purchased to protect your assets, should you or your family become the target of an injury type lawsuit. Potentially, they could take your house, and garnish your wages, to settle the awarded cash, should you be found "at fault" for damages. - M (IMG:http://www.914world.com/bbs2/html/emoticons/cool_shades.gif) |
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