Comments on: Do I Need A Personal Umbrella Insurance Policy?

By: Advocate for the Disbled and All Misourians

Advocate for the Disbled and All Misourians — Thu, 07 May 2009 02:07:58 +0000

Marilyn J–

Do you have all of the things I don’t have? I don’t have a car and I rent an apartment. I do have health insurance, not through them.

I never got around to calling GEICO as I’ve been recovering from illness (twice–once with a fancy hospital stay) in the last month.

I’m trying to find out how I can get JUST an umbrella policy. If anyone knows, post it up. Thanks.

> A D A M <
Advocate for the Disabled and All Missourians

By: Marilyn J

Marilyn J — Wed, 06 May 2009 23:11:59 +0000

My premium notice is sitting in front of me right now and it pisses me off every year when I have to pay for that coverage.

By: Advocate for the Disbled and All Misourians

Advocate for the Disbled and All Misourians — Mon, 06 Apr 2009 03:12:33 +0000

So the question I have is what if I don’t own a car, use public transportation (and transit for the disabled at that–I can no longer drive), and thus don’t have auto insurance? Is my umbrella rate higher?

Gonna find out on Monday what my rate would be.

For those of you interested, the link to GEICO’a Umbrella Policy page (they don’t list it as an option on the home page–you have to type “umbrella” in the search box) is;

http://www.geico.com/getaquote/umbrella/

> A D A M <
Advocate for the Disabled and All Missourians

By: Rosa

Rosa — Fri, 07 Apr 2006 15:09:24 +0000

I am doing a project in school about insurance. I wanted to learn more about the umbrella insurance policy. Do you know if all the insurance companies carry this policy? If not which ones do have it?

By: ProHabber

ProHabber — Sat, 01 Apr 2006 02:35:27 +0000

I just checked out Geico’s website and they do offer an umbrella policy. I can’t say anything else about them because I have never used them for anything. With insurance, you just want to make sure that in the event that you need to make a claim, the company will be there for you.

The umbrella insurance policy is just that – an insurance policy. It will cover you in the event that you need to make a claim. A trust is used to hide assets from other people and they are also used for estate planning. The goal is to protect what you have and trusts do not have to be for the very wealthy. They will cost you some money to have set up through a lawyer, but they will protect any amount of assets that you want to put into them.

The single best way to learn about trusts and what they can do for you is to talk with a lawyer that specializes in estate planning.

By: AP

AP — Fri, 31 Mar 2006 20:52:09 +0000

I actually had a question.

Whats the difference between the Umbrella Policy / and Trusts. Are Trusts for VERY WEALTHY Individuals?

If a 1 million dollar policy covers my assests then is a trust necessary?

By: AP

AP — Fri, 31 Mar 2006 19:57:06 +0000

I am thinking of going with the Umbrella Policy. Do you think Gieco is good for it. I have my Car Insurance with them and I like them for their service.

How do we learn more about trsust – ProHabber?

By: fivecentnickel.com

fivecentnickel.com — Sat, 04 Feb 2006 03:49:05 +0000

We carry a significant umbrella policy. It’s just part of the price of protecting yourself.

By: ProHabber

ProHabber — Wed, 01 Feb 2006 02:04:19 +0000

It is not a bad idea at all if you have any significant assets. The premiums are farily inexpensive because the risk to the insurance company is fairly low, but it is a great safety net if something goes very wrong. If you are really interested in protecting your “stuff” then you could get into some trusts. The details are very advanced, but as a budding personal finance guru, you should probably start learning about them.

By: jim

jim — Mon, 30 Jan 2006 22:27:13 +0000

Do you deduct as part of your home office?

By: FMF

FMF — Mon, 30 Jan 2006 21:44:14 +0000

BTW, I just paid mine this weekend — a bit over $150. It can be tax deductible too if you have a side business/extra income.

By: Eric

Eric — Mon, 30 Jan 2006 20:40:47 +0000

I’m with the monkey as well. Accidents happen. You can spend a lot of time and effort saving and planning for retirement and all it takes is some silly accident to wipe you out. Please take some time to learn more about umbrella insurance. Here are a few articles to get you started;
http://www.fool.com/community/pod/2005/050302.htm
http://moneycentral.msn.com/content/Insurance/Insureyourhome/P35349.asp
http://www.bankrate.com/brm/news/insurance/umbrella-policies1.asp

By: FMF

FMF — Mon, 30 Jan 2006 15:58:44 +0000

I’m with the monkey! For $150 a year, you can get a lot of protection.

By: monkeyjoe

monkeyjoe — Mon, 30 Jan 2006 02:06:38 +0000

“Right now, I honestly don’t think it’s really necessary but it’s something to consider for the future.” Do not be a fool! All it takes is one bad accident on a slippery day for your wages to be garnished for the rest of your life. Eat out one less time per month and you can protect yourself from most lawsuits. Also realize that the umbrella policy insuring company will put forth many resources to guarantee that the suer does not get their money, protecting even more from someone winning the case against you.