Goodly folks, impart your knowledge on Umbrella policies?

I didn't want to hijack the car insurance limits thread, so I'm asking here.

I SHOULD know more about them, but when I was a claim rep for State Farm I handled Theft claims for Homeowners Policies and all claims on Personal Articles Policies.........so I know those well, but have forgotten most of the other training we received.

How do umbrella policies overlap with auto and home policies, etc.

I don't think it overlaps, but it takes over where the other one stops ...

J

So maybe some more info?

Not sposed to open one inside the house

Bad policies.

z31, I believe that you have "bragged" (it was not bragging, I'm just struggling to come up with a more descriptive term) in the past about how much you and your spouse make, saying something to the effect of most people here would have a stroke if they saw your entertainment budget. Take $25 off of that budget a month, and get the policy. Datsun gave a great explanation of it; I would try to go into more detail but I'd just be repeating stuff. It really is quite silly not to have it at what I assume is your income level.

It covers whatever the terms of the policy say it covers. You need a knowledgeable agent to produce the actual policy form they propose to sell you, and then read it yourself,special attention to the "Exclusions" section. Many "umbrella" policies specifically exclude the operation of motor vehicles.

chuckles wrote: Many "umbrella" policies specifically exclude the operation of motor vehicles.

This is a BIG deal. There are automotive umbrella's and personal umbrella's.

I think my 1 mill automotive runs 11$ a month, and my personal runs about 23$ totally worth it in my book. But depends on your assets and your liabilities.

Datsun1500 wrote:

Slippery wrote: I don't think it overlaps, but it takes over where the other one stops ... J

Exactly. When other types of insurance polices refuse to pay out, these kick are also unlikely to pay out.. They are so cheap it's clear they never pay out, so its a waste of time and money to have one.

Fixed, based upon my experiences with insurance companies.

Apparently I am not doing my job correctly recommending payment of all these claims.

Can you describe any of these experiences?