Personal Liability Umbrella (Insurance) Policies
#1
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.
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.
Last edited by Sydwayz; 03-04-2004 at 08:58 AM.
#5
Platinum Member
Platinum Member
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.
#7
Charter Member #34
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Location: Beautiful North Carolina
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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.
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.
#8
Member "69" Charter #70
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Location: Lake Murray, South Carolina
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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
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
#9
VIP Member
VIP Member
Originally posted by Jan
Anyone have Earthquake ins?
$90 a year from State Farm for 95% rebuild. Cheapest/best policy I own.
Jan
Anyone have Earthquake ins?
$90 a year from State Farm for 95% rebuild. Cheapest/best policy I own.
Jan
When was the last earthquake in South Carolina?