Yeah I didn’t know the exact details but friends owned a bar, underage kid with a beard and fake id drank too much, drive home and died in a car accident. I remember his parents lost a lot but not the house or retirement accounts. That was in PA. They do still own the bar though…
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Umbrellas require a certain amount of underlying coverage to attach themselves to. Typically those are on “higher” side to start out with. I believe with some carriers they would require $300,000 limits to attach and some $500,000 to attach to.
You couldn’t drop your coverage to the minimum state required limits and then just have a $250 Umbrella policy if that’s what your asking.
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Every umbrella policy I have come across requires high liability limits on car and home policies.
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I have 250/500 because the umbrella required so. and with current car prices, that’s might just a bare minimum, especially in a 3-car accident. I’ve been in two of those - once a middleman and once last one paying all the bills.
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Help me understand this…I buy my home insurance and car insurance online and it’s 50k/100k. How can I find out if I have the option for umbrella? I have the Costco connect insurance. Why is it beneficial again to pay for the extra coverage? Not sure what I’m protecting against.
Umbrella is a separate policy above home/car insurance…your current insurer probably offers it. Umbrellas help to protect your net worth especially if it is in the millions. If you aren’t worth much umbrellas become more optional.
Umbrella limits are much higher, you can get $1-5M limit for less than $500/annually in many cases. If you were to get these kinds of limits through your primary, the premiums would be much higher and last I recall, primary has much lower maximum limits than what umbrella can provide.
My understandig is if damages go above your car insurance your umbrella steps in. Plus umbrella cover in some other case where auto and home don’t work but don’t remember what.
Just wanted to say it’s cool to hear berkley one mentioned in the list of options.
I’ve worked for WR berkley corp for 10 years as the auto product line manager for commercial lines. While I don’t work with them directly because they are personal lines, the berkley one leadership team are solid people.
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