Hank Posted September 2, 2021 Report Posted September 2, 2021 2 minutes ago, PT20J said: Interesting. Do you have the umbrella with the same company that insures your automobiles? I have State Farm and all they require is minimum liability on the autos (I’d have to look, but I think it’s $100K) and the umbrella picks up from there. When I purchased the umbrella, the agent specifically recommended lowering the coverage on the autos to get complete coverage at the lowest cost. Skip Home, auto, umbrella are all together. Before the umbrella, cars were insured 100/300. Now higher . . . . Quote
Will.iam Posted September 2, 2021 Report Posted September 2, 2021 Interesting wonder if that is state or company specific on being able to lower your car insurance as I had an umbrella policy from safeco then one from travelers and both companies underwriters would not give me an umbrella policy with min state coverage for my autos. I had to bump them up to the next higher level in order to get the umbrella liability coverage. Might have to check into State Farm although they were higher than travelers on same coverage last time I checked. Quote
PT20J Posted September 2, 2021 Report Posted September 2, 2021 It’s been many years but as I recall State Farm required more than the state minimums, but less than I was carrying before I purchased the umbrella. I went with State Farm because at the time, I lived in a wooded area and they had the best home insurance rates considering falling tree and fire risk. I got the best deal insuring everything with them. Now they give me enough discounts for staying with them for so long that every time I compare rates, I can’t do better. Skip Quote
Parker_Woodruff Posted September 2, 2021 Report Posted September 2, 2021 On 8/31/2021 at 10:07 PM, MikeOH said: Excellent point! And, anyone with a net worth over $1 million is exposed with nearly all aviation policies (even if you do NOT carry passengers) So, @Parker_Woodruff, how often do GA crashes result in judgements in excess of $1 million (NOT counting passengers). IOW, how often does a GA crash impact someone/something on the ground in excess of $1 million. No idea. Probably not too often. Anecdotally, I rarely see these things make it to court except when product mfrs are accused... 1 1 Quote
frcabot Posted September 5, 2021 Report Posted September 5, 2021 On 9/1/2021 at 7:56 PM, PT20J said: Interesting. Do you have the umbrella with the same company that insures your automobiles? I have State Farm and all they require is minimum liability on the autos (I’d have to look, but I think it’s $100K) and the umbrella picks up from there. When I purchased the umbrella, the agent specifically recommended lowering the coverage on the autos to get complete coverage at the lowest cost. Skip I have USAA, it requires 300K/500K on Auto and then I've got $3M on top of that. Aviation is excluded of course. I also have 300K on house. Premiums are very affordable, I think I pay around $1400 per year for Auto and another $3-400 per year for $3M Umbrella. Quote
PT20J Posted September 5, 2021 Report Posted September 5, 2021 11 minutes ago, frcabot said: I have USAA, it requires 300K/500K on Auto and then I've got $3M on top of that. Aviation is excluded of course. I also have 300K on house. Premiums are very affordable, I think I pay around $1400 per year for Auto and another $3-400 per year for $3M Umbrella. I looked it up and my memory was faulty. I have $250K/$500K on the autos and $3M umbrella. I think I had $1M on the autos before the umbrella and lowered it to whatever State Farm required at the time for umbrella policy. The umbrella premium has been $354/year for the last couple of years. Skip Quote
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