[Michael G.]

Do you have one?
Do I need one?
Is it important in Florida?

Your Thoughts

[tophcfa]

Originally Posted by Michael G.

Do you have one?
Do I need one?
Is it important in Florida?

Your Thoughts

They make great lightning rods

[mrf0151]

If you have rental property, it is a very good idea.

[retiredguy123]

Umbrella policies are often misunderstood. In most cases, the only thing they do is to increase the liability limits on your homeowners and auto policies. They do not add any additional risk coverages. So, if you have liability limits of $250K on your homeowners and auto policies, an umbrella policy can increase those limits to a million dollars or to several million dollars.

When I was shopping for auto insurance last year, Geico gave me a quote, but the highest liability limit they would offer was $250K. No good for me. I went with State Farm because they offered $1 million. Otherwise, I would have had to buy an umbrella policy to increase the liability limit. So, it pays to shop around because some insurance companies do not offer sufficient liability limits. Personally, I don't think $250K is sufficient coverage for auto insurance. It may be fine for homeowners insurance. But, it is a personal decision.

[Rainger99]

Originally Posted by Michael G.

Do you have one?
Do I need one?
Is it important in Florida?

Your Thoughts

I see a lot of commercials on television where the people are saying that they recovered well over the limits of my auto policy. And these are Florida verdicts!

That being said, you probably won't need it. Very few people get sued for more than $250,000. But if you are one of those that does get sued and are found liable, you will wish you had it.

[Bjeanj]

1) Yes
2) Don’t know
3) Don’t know

[Michael G.]

Interesting views, thanks

[keepsake]

With the sky rocketing home owner policy premiums, anyone with no mortgage is exploring, self insuring. Any help on finding a liability policy from anyone in here ? Just want to be protected from a law suit, but I don't want to pay for all the coastal losses I being renewed with.

[tophcfa]

Originally Posted by keepsake

With the sky rocketing home owner policy premiums, anyone with no mortgage is exploring, self insuring. Any help on finding a liability policy from anyone in here ? Just want to be protected from a law suit, but I don't want to pay for all the coastal losses I being renewed with.

The liability umbrella on our northern home also covers our Villages home for a very small premium surcharge.

[dhsmith]

We have a one million dollar umbrella policy and pay $460.00 per year for it. We have a couple,of rentals plus our golf carts and an RV.

[Jim 9922]

Basically, you are buying a whole lot of attorney fees in addition to liability coverage. For example, assume you hit someone with a car causing serious and possibly lasting injury, and are sued for $2,000,000. If you have a $3 or $4 million umbrella you can be sure the insurance company will be expending big bucks on attorney fees before it pays a million or two out on the claim. If instead you had $500000 coverage and assuming legitimate damages of at least $1,000,000 the insurance company would probably write the check for policy limits leaving you with $500,000 to pay or continue fighting with attorneys' fees out of your own pocket. You can assume that the plaintiff's attorneys will carry on going after your personal assets.

Quite frankly in today's litigious society backed up by powerful tort lawyers a $1 or $2
million initial settlement "asking price" is not that uncommon. For example an auto accident involving a family of 4 or 5, or a golf ball to the head causing life-long disabling injury.

In my opinion the relatively low cost of umbrella coverage is well worth the cost of covering your personal and financial assets.

[Aces4]

Originally Posted by Jim 9922

Basically, you are buying a whole lot of attorney fees in addition to liability coverage. For example, assume you hit someone with a car causing serious and possibly lasting injury, and are sued for $2,000,000. If you have a $3 or $4 million umbrella you can be sure the insurance company will be expending big bucks on attorney fees before it pays a million or two out on the claim. If instead you had $500000 coverage and assuming legitimate damages of at least $1,000,000 the insurance company would probably write the check for policy limits leaving you with $500,000 to pay or continue fighting with attorneys' fees out of your own pocket. You can assume that the plaintiff's attorneys will carry on going after your personal assets.

Quite frankly in today's litigious society backed up by powerful tort lawyers a $1 or $2
million initial settlement "asking price" is not that uncommon. For example an auto accident involving a family of 4 or 5, or a golf ball to the head causing life-long disabling injury.

In my opinion the relatively low cost of umbrella coverage is well worth the cost of covering your personal and financial assets.

I totally agree with this analysis. A one million dollar umbrella policy was something important 40 years ago. Now it’s peanuts and your limits should be higher. If a friend suffers a life changing ankle fracture or other serious injury while visiting, a million won’t do it.

[Garywt]

It does rain a lot but it is up to you.

[GatorFan]

Do you know what assets you have that are judgement proof and which ones are not under Florida law? Attorneys take cases that have assets that they can garnish.

[GatorFan]

[QUOTE=tophcfa;2165808]The liability umbrella on our northern home also covers our Villages home for a very