Quote:
Originally Posted by Aces4
Forbes evaluation:
"Umbrella insurance provides coverage beyond your liability insurance limits, which can pay out if you or your household members accidentally cause property damage or injuries to other people. Umbrella coverage can also cover you or your household members if sued.
Whether you need umbrella insurance depends on your assets, the risks you face and what you have to lose."
I wouldn't be without it and each to their own. But I would definitely shop my insurance and leave State Farm since I personally think that excuse is lame.
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Personally, I think auto liability insurance is way more important than homeowner's insurance. That is why I have $1 million in auto liability coverage. The OP doesn't say if his umbrella policy is for auto or homeowners, but, if it is for auto, I think he can just increase his auto liability coverage with State Farm and drop the umbrella policy. He can also check with Allstate, a company that also allows a $1 million limit. Also, to some extent, having an extreme amount of liability insurance just encourages an attorney to sue for a higher amount and a jury to award a higher amount. Some awards are based on the amount of insurance money available, not on the actual damage. On the other hand, if you only have the minimum amount of $10K, you really don't have any coverage worth having.