Insurance Question - Umbrella Liability Policy?

[Larry Caldwell]

The advantage of an umbrella policy is that it covers you no matter what you get sued for.

 

[aczlan]

The advantage of an umbrella policy is that it covers you no matter what you get sued for.

As I understand it, the umbrella policy only covers you for things that your primary policy also covers.
So if it's not covered under your homeowners or your auto insurance, the umbrella policy won't cover it.

Aaron Z

 

[fried1765]

I spent quite a bit of time on the phone with USAA with a very patient guy. I only need to switch my truck policy over to them to qualify for an umbrella policy. I think overall they are also cheaper. I think I will be switching soon.

I have been with USAA for 59 years.
50+ years of nice dividends!
Works for me!

 

[Larry Caldwell]

As I understand it, the umbrella policy only covers you for things that your primary policy also covers.
So if it's not covered under your homeowners or your auto insurance, the umbrella policy won't cover it.

Aaron Z

My umbrella policy is a blanket liability policy. If somebody sues me for anything other than debt collection, the insurance company will defend the lawsuit and pay any judgment. Criminal activity is excluded, so if I get into a bar fight and knock somebody's teeth out, I'm not covered, but a non-criminal act like libel is covered. Not all policies are identical.

 

[MoKelly]

My umbrella policy is a blanket liability policy. If somebody sues me for anything other than debt collection, the insurance company will defend the lawsuit and pay any judgment. Criminal activity is excluded, so if I get into a bar fight and knock somebody's teeth out, I'm not covered, but a non-criminal act like libel is covered. Not all policies are identical.

^^^^^ Yes. This is the type of Umbrella Policy folks need. It really is not very expensive.

MoKelly

 

[Danica]

For most of my professional career I have carried an Umbrella Liability Policy with a professional coverage rider. The policy covers both personal and professional liability. Considering I occasionally use my tractor to do things like fix the pastor's garden, mow hay for a neighbor etc and that requires driving the tractor on the road, should I maintain this policy? None of the jobs are for pay, we either swap work or it is just to help a friend. The policy isn't expensive on an annual basis.

My policy specifically will not cover the tractors if they’re used off my property. that’s a homeowners policy and was the same issue with every agency I’ve had...

 

[grsthegreat]

homeowners policy ends at your property line. if you take your equipment off the property, even to work for free, the policy does not cover you.

i had to get an inland marine policy to cover my equipment, plus a blanket umbrella policy.

 

[caver]

We had been with Allstate for over 40 years, when the pulled the same crap with me. I cancelled and went with an independent agent, which has saved me a lot of money. I get a sneaking suspicion that they deliberately alienate long term customers...I'm not sure of the reasoning...but that's the way it seemed to me.

That's how I felt. It's a mother/son office for Shelter Ins. and I've been with them for easily 20 years maybe a little more. Great to work with until now. They held off corporate on my old roof issue as long as they could. He got anothe company that would insure the house albeit for a little more. When I called my agent about this Umbrella issue he had no solution. I had the same thoughts...it's like they want to get rid of me.

 

[caver]

I have been with USAA for 59 years.
50+ years of nice dividends!
Works for me!

That's good to hear.

I have a friend in Florida who just went through the wringer on an insurance claim for her house. Underslab water line failure. She found out there is bill going in FL that will give allow insurance companies to make you re-roof your house every 10 years. I hope I have that correct.

 

[Larry Caldwell]

homeowners policy ends at your property line. if you take your equipment off the property, even to work for free, the policy does not cover you.

i had to get an inland marine policy to cover my equipment, plus a blanket umbrella policy.

My dad farmed multiple farms, and had to get an inland marine policy to cover roading his farm equipment.