Personal Liability Umbrella (Insurance) Policies
 

(PLUP)
Does anyone else have one?
Very smart dollar spent IMHO,
I pay State Farm $224 year for $2M in coverage in any liability.

It works as such:
I carry both my vehicles with SF.
I carry my renters/homeowners with SF.
My boat is with NMU, but SF would insure it; I just chose not to have all my eggs in one basket. (Not a requirement to have everything with SF.)

Basically, all of the above policies have liability coverages on them. Each of them has a deductible. In the event of an accident covered by any of the above policies, your pay and meet your deductible.

In the event, you exceed your liability coverage for that respective policy, the amount of your liability coverage limit, is your deductible for your PLUP. Your PLUP then kicks in until it reaches its limit.

I figure, ANYTHING can happen out there, unfortunately; and while I don't carry an abundance of life insurance, I also do not have a family that I am supporting. The PLUP does cover me pretty well in the event something goes wrong, it hopefully will not affect the rest of my life; monetarily. I think I am going to upgrade the policy to $3M next year. Its not much more.

I wanted to get one. But American Family wants all my policies. The problem is that they refuse to insure my boat!

Push 'em Cord. I did not have to, as SF was friendly about it. Take your declarations page to them, and tell them to push it to the underwriters.

1 milion for 108 yearly

224/year is great for the peace of mind. I've looked into it before, but most insurers want all of your policies. Okay in theory, but limits your ability to shop around. In the end, I'd be paying through the nose to do that, regardless of who: SF, allstate, nationwide, I've checked them all.

Well spill the beans. With who?

Money well spent, Our agent talked us into doing it last year and I'm glad we did.

However I ran into a lot of questions if you wanted over $1 Million, so we just stayed at that level.

We did however have to up our coverage on the auto's to meet the requirements of the unbrella policy.

I THINK EVERYONE SHOULD LOOK INTO THIS.

1 Mill. form State Farm for $125 a year. Only catch was I had to up the coverages on all Cars, Boat and Bike.

Still think it is worth the money.


Anyone have Earthquake ins?

$90 a year from State Farm for 95% rebuild. Cheapest/best policy I own.



Jan

Dude!!!

When was the last earthquake in South Carolina?:crazy: :crazy:

EXACTLY why I posted. Thank you all for your inputs.

We've had one with American Family since we purchased our home in '87. It was strongly recommended to us by our agent (a friend of ours as well) because we have an inground pool and waterfront on the river which were both viewed as possible liabilities. American Family insures all of our vehicles, boats, and properties.
I think the coverage is now at 3 million; not sure of the cost- one of the advantages of having a spouse that's a CPA is I don't have to write the bills:D , I just ask whether I have any money or not (and permission, of course:p )















NOT!:D

Yeah Craig, but when was the last one in the DC area? About 4 or 5 weeks ago. :D :eek:

As a matter of fact... I was sitting in my State Farm Agent's secretary's office when it happened.

I have $1M coverage through Travelers for about $150/year. (Stupid cheap for the peace of mind.) The only other policy I currenty have with them is auto.

One of the most active faults in the Country runs from Charleston thru Columbia. Columbia and its surrounding area had 600 tremors last year. I know this because I work at a Nuke plant ,we have detection equipment everywhere around the site.

Insurance is for just in case, right?


Jan

WOW, I didn't know that!!!

Are you all warming up down there? It's going to be 75 here tommorrow!!!

Does this help reduce premiums on anything else insured (ie. will it reduce your auto cause you have other liability coverage then, etc)? Or is it just additional insurance/piece of mind?

I'd like to get sued for "everything I own". I need help making the payments on all of it anyway. :D:D:D

SF made me change my liability coverage on my autos when I got my umbrella policy. But as my agent said...you have enough assets now you can't afford to be without more liability coverage.

I think I pay around $175 or so a year for it.

I just called SF for 1million vs 2 million, ill see where they come out. Ive never heard of this. and they have never recommended it.

1mil or 2?

its great if you have wild kids too.

I have had one for years. I have a GREAT SF agent and have all my insurance with them except for the Skater as they will not insure it. I did however shop all my policies and came back to my agent and he made drastic reductions in the premiums. I don't think there is much of a concern with having all of your insurance at one firm unless you have astronomical coverage amounts to cover astronomical assets. Then find a good agent that represents many companies. I have had only 2 claims in my life, one just now for water damage due to ice back up, and one other for when my truck was broken into and lots of stuff stolen. SF paid in 48 hours NO QUESTIONS asked!

32Fever, you will have to check with your Agent. Everyone is different. It is possible; depending on where your limits are now.

Let me guess.....You're dating her!!:D :D :D :D

After I left today, I KNEW someone was going to say that!

I had to!!!!:D :D :D

I just got the same speech. raise all the limits first.

have mine with SafeCo, they are located in IL. Also had to up all my deductables when I got my UP.

1 mil is my limit..and if you are ever in an accident DO NOT tell people about it, it's amazing what injuries they come up with. At least that is what my agent advised me.

Had one for years. It is good peace of mind. Sam

Sounds like everyone had to rise their liability on other policies first. So that means it will most likely make the other insurances cost more if not at the max currently.

I'm looking at rewriting the business right now. I'm starting with companies that will insure offshore boats first. Then, maybe they'll get the rest of the business:D Working backwards.... I've asked my current agent about 5 times now for help there, and I'm about ready to kick him to dah curb. I'll have to inquire about this while I'm at it.

Quite a few people seem to have it, though and I've been contemplating it for a while. Hmmmm, maybe you are all the wild and crazy people on the water thinking "screw it, hey guys, watch this (don't worry about it, I'm insured)" LOL!

If I remember right, that takes a secondary role to, say auto insurance. Once you've maxed the, say, $1mil there and then it would tap the UP right? Which makes sense why the want you to raise auto and other limits....less chance it will ever get used. But in that case, it really costs more than $175 a year when you add auto/boat/home, etc increases. Just being realistic about the "actual cost".

I love it when you guys get all "in there" with insurance talk........:D:D;)

I've had it for years.

Ran into a problem with the deductible on the umbrella going up this year. My boat insurer would not raise my limit to match the new umbrella deductible. My agent convinced the company that has the umbrella, to lower the deductible since I have had for so many years.

I also have 2 mil coverage, wise money if you ask me. I think it was only about $26 more a month and you never know when something could happen.

You're stark naked without it...

Generally, most PUP policies require you to have a $300k liability limit on your separate policies. If you aren't up to $300k yet, then you need to bump them up.

Some of you guys got some EXCELLENT rates on a PUP. I'm with Allstate, and they tell me that the PUP rate is based on how much other "stuff" you got. Just my luck..

While the rates are linear for additional coverage, if I do the math and back mine down to the 1M limit, it works out to $289/yr.

Re: Personal Liability Umbrella (Insurance) Policies
 

Needed to bring this back to the top. Its important; which I am finding out as of recent. It can happen to you too.

Re: Personal Liability Umbrella (Insurance) Policies
 

What happened Brian?

Re: Personal Liability Umbrella (Insurance) Policies
 

Paying $280 for 2M for mine.

Re: Personal Liability Umbrella (Insurance) Policies
 

I was in an accident on Friday. I will probably be found at fault, and not sure what is going to happen. Yes, I am worried.

Re: Personal Liability Umbrella (Insurance) Policies
 

Any injuries?

Re: Personal Liability Umbrella (Insurance) Policies
 

The Pathfinder in front of me as we were all going through a left hand turn green arrow crammed on his brakes and stopped when the light turned yellow. He had been sitting at the light; so he was going slower than I. I was approaching, and still decellerating. I braked and the Jeep I was drving slid into the next lane and hit a Cavelier. The Pathfinder guy said he saw me coming, and he still stopped. I think he was hoping to get hit; and he was an immediate dick as soon as the accident happened. He was not hit or damaged. I asked him how come he stopped. He started climbing down my throat and his wife had to pull him away. I feel terrible that I hit someone; even moreso as described above. I took the woman in the Cavelier flowers in the ER I felt so bad. I was not going more than 25mph, as I was about to turn, I was decellerating, and the Jeep was only in 2nd gear.

When a light turns yellow and I have the option of stopping my vehicle, instincitively, I look in the rear view mirror to see if anyone behind me can stop. I just don't get it.

Yes, I made a mistake by not preparing for the Pathfinder to stop; and allowing myself enough room to stop. I was also in my Sister's just purchasd Jeep, and that fact is complicating things with insurance. We all have State Farm, so hopefully things can be settled amicably.