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Post Info TOPIC: Umbrella policies


RV-Dreams Community Member

Status: Offline
Posts: 2
Date:
Umbrella policies


looking to change my umbrella policy.  Anyone have suggestions.  Thanks



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RV-Dreams Family Member

Status: Offline
Posts: 1122
Date:

I just made some "adjustments" to my umbrella policy. We had our home, 3 cars and a boat all with State Farm and an umbrella policy. One of the tenants of an umbrella policy (as I understand it) is that for an umbrella policy to work you must have sufficient insurance on the underlying policy. In our case it was the house that provided that basis. Now we've just sold our home, boat and one of the cars. In order for State Farm to continue the umbrella, we needed to have at least $500,000 in liability insurance on the RV to satisfy the umbrella's "underlying" requirements. We do have that underlying insurance (on the truck also) ... so the umbrella policy was continued just as before, only covering my RV and vehicles. Based on this experience, I suspect there would be similar "underlying" requirements for most companies.  Interestingly, the RV is not insured by State Farm, but they still extended the umbrella to the RV.


This is JMO, but an umbrella policy is almost mandatory to protect your assets in the litigation environment we have today.



-- Edited by RonC on Wednesday 21st of December 2016 07:49:47 PM



-- Edited by RonC on Wednesday 21st of December 2016 07:50:14 PM

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Ron and Janice

 

2016 Ford F350, King Ranch, DRW, 4x4, CC, 6.7 PS Diesel, remote control air lift system

2017 Durango Gold 381REF, Lambright furniture, MCD shades, morRYDE IS, 8K Disc brakes, GY G114  LR H Tires, 27,320 lbs CGVW

FT class of 2016

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