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

By: Joe

Joe — Thu, 06 Oct 2011 01:52:50 +0000

I would read the fine print on those Umbrella policies, as you can see from the storms insurance companies will do anything not to pay so if you think they are going to just step in and pay out a million bucks think again. Do some research and find out how often they are paying on these claims when they get them.

Briana, I can almost GUARANTEE you that if you regular insurance denied the 7K that your umbrella (if you had it) would have denied it also.

I have supplemental insurance that pays 80% of what Medicare doesn’t, sounds great right so if I get stuck with $100 bill they pay $80. Here is the catch, if Medicare denies the claim they deny it also and I get stuck with the entire bill, trust insurance companies as far as you can throw them.

IMO you are better off upping your auto and home liability as that coverage is more cut and dry, chances are any umbrella coverage would be through a 3rd party ( a different insurance than your auto or home) and then they would fight over who really has to pay

By: Jim

Jim — Fri, 18 Feb 2011 01:18:06 +0000

Geico just told me $475 but I also have a couple of cars on antique insurance which I have to raise the coverage on them as well. I’m shopping around. Geico seems to raise my rates at least once a year for no good reason.

By: Briana

Briana — Mon, 13 Sep 2010 15:07:16 +0000

Depending on the price it might be worth it. We are in a situation where we are getting ready to be sued by another insurance cover for over $7K for something our auto insurance didn’t cover…something we would have thought would have been covered.

By: Anonymous

Anonymous — Thu, 14 Jan 2010 17:42:14 +0000

Cheap? My 1m umbrella is $550. I think its anothe rway the insurance companies are making money, agaiin. I’m thinking of cancelling it!

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.