Way OT: anyone who knows anything about insurance

So as my Facebook friends here know I am buying a new house. I have a great quote for homeowners and car insurance with an umbrella policy. So my question: I know that the umbrella policy provides more coverage but is it necessary? It only costs an extra $200 per year, it is the highest vehicle coverage available and provides up to 1 million liability and an extra $118k on top of the home value to rebuild in a case of total loss.

So insurance people help me out here If you actually do this for a living please PM so I can give more info if needed.

I am a licensed agent in FL not your state but here is the deal. If you have alot of assets that you could lose if someone were to sue you, if you have high profile jobs like Dr or Lawyer that makes people think $$$$ if they sue you or just to feel safe kning you have the extra libility then $200.00 a year is a great price.

Does it include unisured/underinsured motorist? If so then that is a really great price and I would say go for it~

Feel free to email me at work [email protected]

Sent you an email.

I am an Underwriter for Property and Casualty insurance but I used to be an agent. An Umbrella policy is excess liability for underlying liability: Homeowners, Auto, etc
Umbrella policies START at $1m and go up from there. Typically, you want to take into consideration all of your assets to include income, investments, work and 401 savings, etc and determine your financial worth to see if you need an Umbrella policy. Most people are so concerned with lawsuits and todays society being litigious that they get all this coverage when they do not need it. You can't get blood from a turnip as they say, so if you dont have it, you dont have it and someone cant sue for it. In most cases, quoting high liability on your auto and homeowners is adequate. Standard limits recommended on an auto are at least 100-300-50 and on a homeowner's at least 300k but you can go up to $1million on each policy. The umbrella policy would ONLY be used if in the event of an accident, litigation, etc the limits on the auto or homeowners were not enough, it would then kick in. Sometimes, if someone KNOWS you have an umbrella, they may tend to try to get more, and usually your insurance will have to disclose that you do have one so not always a good thing. Depending on your job you may or may not have a big exposure or need for umbrella....typically doctors, lawyers, ceo, public figures get them because they have a bigger exposure to lawsuits, and will get a personal and commercial umbrella. It is a seperate policy from the vehicle or homeowners policy. Hope that helps but I will PM you so if you have more questions.

Hey Samara,

I looked at her quotes and checked the company out. She got a great quote and I think I would go for it. The discount on the home for having the umbrella and auto is 1/2 the umbrella's cost. So I advised he to go for it.

LOL I started my insurance career at the same company you work for :-) if I ever went back to AZ I would jump on a job there again.

Hugs to lil man!

Awesome company, great benefits...and paid for my degrees too so I can't complain. AND...they just announced our bonus...18.8% of salary....hello summer trip to Morocco!

Wow! I need to move to San Antonio and work for your company. That is an awesome bonus!!

SWEEEEET!!!!! They are hiring in Tampa hmmm....

Thanks Ladies! You have been most helpful!