Insurance Question - Umbrella Liability Policy?

[dmccarty]

We got an umbrella policy years ago and I plan on keeping it. It is, as the saying goes, cheap insurance. I don't work the tractor as much off our property as I used too because other people have moved in do the mowing of their property but I will mow their part of the road frontage on occasion as well as grade the road. I have also helped the neighbors on occasion and while the risk if very small tis better to have the coverage. Especially when mowing. That is much higher risk.

My policy is does NOT cover anything for hire which is just fine. I am covered anywhere off our property as long as I am not charging for the work.

The policy is not just for the tractor either, it covers us for other situations as well.

Later,
Dan

 

[Ted Summey]

Thanks guys for confirming my thinking. We have liability on our home and a seperate policy on our farm. Of course our cars are insured with adequate coverage. The tractor is covered against loss under the Kubota plan. The umbrella will cover that unexpected gap in liability.

Based on your comments and my original thinking, I think I will increase the coverage and likely drop the professional liability rider for myself but continue it for my wife (also an educator).

 

[riptides]

When looking at umbrella policies, don't just take the first one offered. My previous agent, suggested a $1 million policy, when I asked and was not very willing to consider anything larger. This was one factor in getting a new agent, with the same company. The new agent was very willing to consider more and a $5 million policy is not much more costly than the $ 1 million policy.

The first agent felt that I should relate the size of the policy to my assets. I felt rather strongly that I should relate the size of the policy to the size of a potential judgement against me, rather than my assets. Plus if I ever have a claim, the larger the policy, the better the legal team the insurance company will provide to assist me. Insurance companies all have many lawyers available, and some are better than others. The larger their potential loss, the better the legal help they send.

That sums it up.

 

[dmccarty]

... Of course our cars are insured with adequate coverage. ...

We bought the umbrella after having a car accident. The accident was not our fault but it was an eye opener. We are still dealing with the accident and the wife has had two operations from the crash. Having said that, the accident was not as serious as it could have been which is one of the scary things about the crash. Things could be far worse health wise and the idea of US being at fault was the eye opener which led to us getting the umbrella.

Later,
Dan

 

[KYErik]

Keep the policy- as others have said, people love to sue- it is considered easy money. If you have any type of auto accident involving injury, there is a risk of losing what you have worked for- imagine a slick snowy road and someone says you ran them off the road into a ditch (when really they were just going too fast and lost control).

Like Dan above, I was in a serious accident that was caused by the other driver (inattentive). I didn't sue but several people surprised me by suggesting that I should. That is when I decided to get an umbrella policy (after seeing how many people instantly think suing is what you do to "get what you deserve").

 

[mikehaugen]

I didn't sue but several people surprised me by suggesting that I should. That is when I decided to get an umbrella policy (after seeing how many people instantly think suing is what you do to "get what you deserve").

I have been in quite a few situations like this... where I probably had an opportunity to sue and was suggested by many to sue, but I didn't. This has gotten me thinking now, especially since I bought a house about 4 years ago and the kids are getting old enough that we end up with other kids at the house, or are driving them somewhere, or are just taking them to somwhere. The majority of situations would probably be covered under homeowners or auto, but there are probably some that are not. We are also considering installing a pool or possibly buying a boat and I am sure either would end up with people in it that are not part of our family, just another reason I guess.

So this brings up another question, I currently have state farm for homeowners and progressive for auto. My employer has an agreement and I would get a discount if I switch over to Liberty Mutual. A co-worker said he saved quite a bit of money and I have been considering calling them, and at the same time talk about a possible umbrella policy. Has anyone dealt with Liberty Mutal? Have you been satisfied with them?

 

[aczlan]

So this brings up another question, I currently have state farm for homeowners and progressive for auto. My employer has an agreement and I would get a discount if I switch over to Liberty Mutual. A co-worker said he saved quite a bit of money and I have been considering calling them, and at the same time talk about a possible umbrella policy. Has anyone dealt with Liberty Mutal? Have you been satisfied with them?

We have them for auto and haven't had any issues (haven't had any claims either). They were 1/2 the price of State Farm for the auto policy. We still have State Farm for our Homeowners and Umbrella as they will cover us if a friend is over to ride the horses and gets hurt but LM wont cover horse related claims.

Aaron Z

 

[dave1949]

MikeHAugen: We have Liberty Mutual auto insurance, no complaints, rates are reasonably stable.

We were very mildly rear-ended while stopped at a crosswalk a couple years ago. Everything was handled well, no circus.

 

[Ted Summey]

We haven't had to file a claim on the umbrella policy, but my son did have an auto accident that was his fault. It turns out the individual my son rear ended has been claiming personal injury (even though my son has seen him on campus playing frisbee). We got a letter from his attorney intending to sue, I turned the letter over to my insurance company that has both our auto and umbrella policies. We've not heard another word from it for nearly a year. The insurance co. made us raise our auto coverage limits to get the level of coverage we wanted on the umbrella policy. Turns out in this situation it was the right thing to do.

I've not shopped for insurance very much over the years since we have had excellent service from our agent and company - when I think they should give me lower rates, we do a review, I will get quotes from other companies for the SAME coverage - the rates are usually very close all things being equal. I say why change - good service at maybe a few dollars more - but I can call my agent's office and they know my name, my wife's name and my children's names and they take care of business quickly.

 

[caver]

THIS IS AN OLD THREAD

Rather than start a new one I'll tag onto this one. I just found out my umbrella policy will not be renewed. I'm with Shelter Ins except for my house. It's funny as Shelter dropped my homeowners after a random inspector didn't like my roof, rear stairs, back window. Two of the items I agreed on but this is the best roof I've had on this house. yes it is now 20 years old. All my other stuff is with Shelter. My agent found an underwriter for my house. I find it interesting they took my money for a year and now have changed the rules?? I tried to call an old friend who sells insurance in another state but she is away. My agent...I like them but had no answer on how to fix this. So do you have an umbrella policy under a different company than your house or vehicle?