Personal Finance (Not Investing) • Personal Umbrella Policy choices

I currently have a 1M umbrella with the insurance company that writes my auto and homeowners policies. But I was told that is the maximum umbrella coverage they write in my state.

I would like to have a 2M umbrella policy. Do any of you have your umbrella policy with a company other than your auto insurer? If so, which company please? I would like to get quotes.

This is not answering your question, but I agree that liability insurance should be through the same carrier that you have for cars or your home as that insurance should be the basis of most claims with the liability just increasing the dollar value of the coverage.

Isn't there some value in having a second company (umbrella) ensuring that the first company (e.g. auto) is mounting a proper defense, or is that just needless complication?

I'm not an expert but I'm not sure that having company #1 potentially liable for say $250k and company #2 for say $200k is better than having company #1 potentially liable for $450k. Now, if you're saying that company $1 may be liable for $250k and company #2 may be liable for the maximum of the policy (say $2M) - and you might be liable for even more than that - then I don't know how the defense would be coordinated, but somebody here surely will.

Statistics: Posted by tibbitts — Sun Jun 02, 2024 1:42 am — Replies 63 — Views 6674

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