You can buy personal liability insurance.Looked carefully-ish but did not see this - did anyone say that homeowners insurance gives you personal liability protection and (I think) the ability to get an umbrella policy?
In California, you can also buy a Difference in Conditions policy that excludes fire. Since DIC policies exclude all fires, not just wildfires, you should take additional steps to improve the fire safety of your house.
Standalone umbrella policies still require underlying coverage. They are called standalone because they stand alone at that company. You do not have to buy that insurer's auto or homeowners policies. However, you still have to buy auto and homeowners insurance from another insurer.There are companies that write umbrella without underlying policies. It's going to be more expensive than the former simply because their loss coverage is higher. E.g., if you have $250k coverage on your home owner's, the umbrella won't kick in unless the award is over that amount. Without that underlying, they're responsible starting at $0.01. It's also possible that the companies that write standalone umbrella don't operate in your state.
If you fail to maintain the required underlying coverage, the attachment point will become a deductible. If you have a $1 million loss and the attachment point is $300k, the umbrella will only pay $700k if you do not have primary coverage.
Statistics: Posted by talzara — Wed Mar 06, 2024 6:18 pm — Replies 66 — Views 3823
