Umbrella Policy's

[Michael G.]

Do you have one?
Do I need one?
Is it important in Florida?

Your Thoughts

[tophcfa]

Do you have one?
Do I need one?
Is it important in Florida?

Your Thoughts

They make great lightning rods

[mrf0151]

If you have rental property, it is a very good idea.

[retiredguy123]

Umbrella policies are often misunderstood. In most cases, the only thing they do is to increase the liability limits on your homeowners and auto policies. They do not add any additional risk coverages. So, if you have liability limits of $250K on your homeowners and auto policies, an umbrella policy can increase those limits to a million dollars or to several million dollars.

When I was shopping for auto insurance last year, Geico gave me a quote, but the highest liability limit they would offer was $250K. No good for me. I went with State Farm because they offered $1 million. Otherwise, I would have had to buy an umbrella policy to increase the liability limit. So, it pays to shop around because some insurance companies do not offer sufficient liability limits. Personally, I don't think $250K is sufficient coverage for auto insurance. It may be fine for homeowners insurance. But, it is a personal decision.

[Rainger99]

Do you have one?
Do I need one?
Is it important in Florida?

Your Thoughts

I see a lot of commercials on television where the people are saying that they recovered well over the limits of my auto policy. And these are Florida verdicts!

That being said, you probably won't need it. Very few people get sued for more than $250,000. But if you are one of those that does get sued and are found liable, you will wish you had it.

[Bjeanj]

1) Yes
2) Don’t know
3) Don’t know

[Michael G.]

Interesting views, thanks

[keepsake]

With the sky rocketing home owner policy premiums, anyone with no mortgage is exploring, self insuring. Any help on finding a liability policy from anyone in here ? Just want to be protected from a law suit, but I don't want to pay for all the coastal losses I being renewed with.

[tophcfa]

With the sky rocketing home owner policy premiums, anyone with no mortgage is exploring, self insuring. Any help on finding a liability policy from anyone in here ? Just want to be protected from a law suit, but I don't want to pay for all the coastal losses I being renewed with.

The liability umbrella on our northern home also covers our Villages home for a very small premium surcharge.

[dhsmith]

We have a one million dollar umbrella policy and pay $460.00 per year for it. We have a couple,of rentals plus our golf carts and an RV.

[Jim 9922]

Basically, you are buying a whole lot of attorney fees in addition to liability coverage. For example, assume you hit someone with a car causing serious and possibly lasting injury, and are sued for $2,000,000. If you have a $3 or $4 million umbrella you can be sure the insurance company will be expending big bucks on attorney fees before it pays a million or two out on the claim. If instead you had $500000 coverage and assuming legitimate damages of at least $1,000,000 the insurance company would probably write the check for policy limits leaving you with $500,000 to pay or continue fighting with attorneys' fees out of your own pocket. You can assume that the plaintiff's attorneys will carry on going after your personal assets.

Quite frankly in today's litigious society backed up by powerful tort lawyers a $1 or $2
million initial settlement "asking price" is not that uncommon. For example an auto accident involving a family of 4 or 5, or a golf ball to the head causing life-long disabling injury.

In my opinion the relatively low cost of umbrella coverage is well worth the cost of covering your personal and financial assets.

[Aces4]

Basically, you are buying a whole lot of attorney fees in addition to liability coverage. For example, assume you hit someone with a car causing serious and possibly lasting injury, and are sued for $2,000,000. If you have a $3 or $4 million umbrella you can be sure the insurance company will be expending big bucks on attorney fees before it pays a million or two out on the claim. If instead you had $500000 coverage and assuming legitimate damages of at least $1,000,000 the insurance company would probably write the check for policy limits leaving you with $500,000 to pay or continue fighting with attorneys' fees out of your own pocket. You can assume that the plaintiff's attorneys will carry on going after your personal assets.

Quite frankly in today's litigious society backed up by powerful tort lawyers a $1 or $2
million initial settlement "asking price" is not that uncommon. For example an auto accident involving a family of 4 or 5, or a golf ball to the head causing life-long disabling injury.

In my opinion the relatively low cost of umbrella coverage is well worth the cost of covering your personal and financial assets.


I totally agree with this analysis. A one million dollar umbrella policy was something important 40 years ago. Now it’s peanuts and your limits should be higher. If a friend suffers a life changing ankle fracture or other serious injury while visiting, a million won’t do it.

[Garywt]

It does rain a lot but it is up to you.

[GatorFan]

Do you know what assets you have that are judgement proof and which ones are not under Florida law? Attorneys take cases that have assets that they can garnish.

[GatorFan]

[QUOTE=tophcfa;2165808]The liability umbrella on our northern home also covers our Villages home for a very

[keepsake]

Judgement proof ?
I would say a homesteaded house can not be taken.
Can one's social security retirement be garnished ?
Can one's savings accounts be taken ?
Am I correct ?

[spinner1001]

Do you have one?
Do I need one?
Is it important in Florida?

Your Thoughts

It depends on your personal circumstances — the kind and value of your assets, and liabilities. You almost certainly don’t want to share your personal details on a public forum. Generally, if you have higher wealth outside of your Florida primary residence and any qualified retirement plans, you will likely lower personal risk by having an umbrella policy. After you compile your wealth details (assets and liabilities, see above), you might talk with a good insurance agent about how umbrella insurance works, read about it online on insurance websites, or ask a trusted financial advisor.

[me4vt]

No Umbrellas are allowed at any Square 🤣 There, I said it!

[Bertram00]

Do you have one?
Do I need one?
Is it important in Florida?

Your Thoughts

My policy is to carry an umbrella in the rain.

[rsmurano]

Do you want to give away your assets that you worked hard for for many years in a split second? There are many pluses on having an umbrella and it goes beyond home and vehicle liabilities. The more money you have the more it makes sense to own umbrella insurance.
If someone is going to sue you, it could be for millions, have you seen the lawyer ads on tv on how much they have gotten their clients?
Why do you have home insurance when your house is paid off? Why do you have medical insurance if you are healthy?

[hollyrich2]

It’s simple. If your assets exceed the required underlying liability limits on your home $300k and auto $250k per person $500k per accident, you need one. I’m an Allstate Agent. We live in a sue happy society. The cost to hire an attorney if you’re sued will far exceed the umbrella premium. In FL they can’t take your primary home but, they can put a lien on it when you go to sell. If you have rental property they can sue for it. Any assets not ear marked for retirement such as cash, investments in the stock market, etc. are vulnerable. I’ve always carried an umbrella. I don’t want someone to be able to take our hard earned money. I highly recommend it. It will pay your court costs and include animal liability and libel.

[Remembergoldenrule]

I see a lot of commercials on television where the people are saying that they recovered well over the limits of my auto policy. And these are Florida verdicts!

That being said, you probably won't need it. Very few people get sued for more than $250,000. But if you are one of those that does get sued and are found liable, you will wish you had it.
Not necessarily true. My Son lives in Florida a bicycle rider out in front of him in mid of road crossing illegally. He hit him and the courts said he my son the driver was not at fault. He still got sued in civil court and had to pay over $500,000. He needed the umbrella policy.

[msilagy]

Have had 300/300 liability with Geico for years - The only way to qualify for the 1 mil umbrella.

[MidWestIA]

Drive down the highway and signs say some schmuck lawyer got someone a bazillion dollars - don't you think someone will want to sue you for big bucks for anything after seeing that? Could you pay it?

[lawgolfer]

Umbrella policies are often misunderstood. In most cases, the only thing they do is to increase the liability limits on your homeowners and auto policies. They do not add any additional risk coverages. So, if you have liability limits of $250K on your homeowners and auto policies, an umbrella policy can increase those limits to a million dollars or to several million dollars.

When I was shopping for auto insurance last year, Geico gave me a quote, but the highest liability limit they would offer was $250K. No good for me. I went with State Farm because they offered $1 million. Otherwise, I would have had to buy an umbrella policy to increase the liability limit. So, it pays to shop around because some insurance companies do not offer sufficient liability limits. Personally, I don't think $250K is sufficient coverage for auto insurance. It may be fine for homeowners insurance. But, it is a personal decision.

The Umbrella policy does provide additional coverage in the form of "Personal Injury". This covers things that are not "Bodily Injury", which is the liability coverage in your Homeowner's policy. The additional coverage is for matters such as libel, slander, trespass, false arrest and a slew of other things for which you never thought you could be sued but are then sued. Think of an argument with a neighbor who is an "a***ole" who sues you for slandering him or for trespassing on his property and facing attorney's fees of several thousand dollars.

I did litigation and insurance coverage for 40 years in a state whose residents were just as litigious as Florida's, representing plaintiffs, defendants, and insurance carriers. I bought my first umbrella policy within minutes of learning what it provided and have had one in force for the 54 years since.

Perhaps, the biggest benefit of an umbrella policy is the increase in the Uninsured/Underinsured limits of your auto policy. UM/UIM is the most important insurance you can buy as it protects you when some drunken yahoo in an old pickup runs into you and has no insurance or minimal insurance. UM/UIM is misused by many insurance agents who sell based on price and not what the customer really needs. Some of the saddest cases I handled for both plaintiffs and defendants was when the driver at fault in the accident had little or no insurance and the person he injured had a policy with high liability limits, but UM/UIM limits of $15,000. Every time I encountered such a case, I learned that the agent had told the insured that he could "save" him a lot of money by waiving UM/UIM or by reducing the limits, if he bothered to tell him anything. In one case, a very rich client whose son was killed by an uninsured driver came to me. He had liability limits of $5Million!, but had "waived" the UM/UIM coverage, because the agent told him that "it wasn't required".

[bimmertl]

The Umbrella policy does provide additional coverage in the form of "Personal Injury". This covers things that are not "Bodily Injury", which is the liability coverage in your Homeowner's policy. The additional coverage is for matters such as libel, slander, trespass, false arrest and a slew of other things for which you never thought you could be sued but are then sued. Think of an argument with a neighbor who is an "a***ole" who sues you for slandering him or for trespassing on his property and facing attorney's fees of several thousand dollars.

I did litigation and insurance coverage for 40 years in a state whose residents were just as litigious as Florida's, representing plaintiffs, defendants, and insurance carriers. I bought my first umbrella policy within minutes of learning what it provided and have had one in force for the 54 years since.

Perhaps, the biggest benefit of an umbrella policy is the increase in the Uninsured/Underinsured limits of your auto policy. UM/UIM is the most important insurance you can buy as it protects you when some drunken yahoo in an old pickup runs into you and has no insurance or minimal insurance. UM/UIM is misused by many insurance agents who sell based on price and not what the customer really needs. Some of the saddest cases I handled for both plaintiffs and defendants was when the driver at fault in the accident had little or no insurance and the person he injured had a policy with high liability limits, but UM/UIM limits of $15,000. Every time I encountered such a case, I learned that the agent had told the insured that he could "save" him a lot of money by waiving UM/UIM or by reducing the limits, if he bothered to tell him anything. In one case, a very rich client whose son was killed by an uninsured driver came to me. He had liability limits of $5Million!, but had "waived" the UM/UIM coverage, because the agent told him that "it wasn't required".

This is by far the most comprehensive analysis for why an umbrella policy is needed and the importance of adding UM'UIM matching limits on the policy.

Remember the poor lady on a bike struck by a 90 year old VIllager in a Mercedes? She sustained devastating injuries causing sever pain and suffering and a lifetime disability.

Whatever limits the at fault driver had, they won't be enough. Underinsured coverage would provide $1 million in benefits from her own policy to make up for the short fall.

An Umbrella policy is a most have policy for most Villagers.

[chrissy2231]

Do you have one?
Do I need one?
Is it important in Florida?

Your Thoughts
I have a Totes that fits PURRFECTLY in the bottom of my pocketbook.

[Carla B]

I have a Totes that fits PURRFECTLY in the bottom of my pocketbook.

Wrong thread? Sounds like this belongs in the dog poop thread.

[Dusty_Star]

Wrong thread? Sounds like this belongs in the dog poop thread.

Or a kitty litter thread. :duck:

[phassett]

Florida Asset Protection (Legal Guide) - Alper Law (https://www.alperlaw.com/florida-asset-protection/)

[kkingston57]

Do you have one?
Do I need one?
Is it important in Florida?

Your Thoughts

Depends upon your assets. Suggest discussing with your estate/will attorney. Personally I do have a 1 Mil+ policy. My biggest concern is accidentally hitting a person who is in a golf cart. Due to lack of protection and age of golf cart driver, there is a higher likelihood that the person could die and/or have significant injuries in that accident. A million dollar umbrella policy will probably settle most wrongful death cases if the responsible party does not have assets.

[kkingston57]

Basically, you are buying a whole lot of attorney fees in addition to liability coverage. For example, assume you hit someone with a car causing serious and possibly lasting injury, and are sued for $2,000,000. If you have a $3 or $4 million umbrella you can be sure the insurance company will be expending big bucks on attorney fees before it pays a million or two out on the claim. If instead you had $500000 coverage and assuming legitimate damages of at least $1,000,000 the insurance company would probably write the check for policy limits leaving you with $500,000 to pay or continue fighting with attorneys' fees out of your own pocket. You can assume that the plaintiff's attorneys will carry on going after your personal assets.

Quite frankly in today's litigious society backed up by powerful tort lawyers a $1 or $2
million initial settlement "asking price" is not that uncommon. For example an auto accident involving a family of 4 or 5, or a golf ball to the head causing life-long disabling injury.

In my opinion the relatively low cost of umbrella coverage is well worth the cost of covering your personal and financial assets.

I was an insurance adjuster in Florida and the hypothetical example is not correct unless the laws have changed over the past several years.

For the most part, your primary insurance is responsible for your attorney fees. The insurance owes your defense cost until case settles. Hope nobody gets into this situation but if you do, insured person needs to know their rights under the policies and make sure that your umbrella policy is aware of any bad claim.

[kkingston57]

Not necessarily true. My Son lives in Florida a bicycle rider out in front of him in mid of road crossing illegally. He hit him and the courts said he my son the driver was not at fault. He still got sued in civil court and had to pay over $500,000. He needed the umbrella policy.

Good example of why an umbrella policy is important. Bicyclist must have had bad injuries. He was not criminally at fault in the accident, but civil law is a lot different.

[Stu from NYC]

Basically, you are buying a whole lot of attorney fees in addition to liability coverage. For example, assume you hit someone with a car causing serious and possibly lasting injury, and are sued for $2,000,000. If you have a $3 or $4 million umbrella you can be sure the insurance company will be expending big bucks on attorney fees before it pays a million or two out on the claim. If instead you had $500000 coverage and assuming legitimate damages of at least $1,000,000 the insurance company would probably write the check for policy limits leaving you with $500,000 to pay or continue fighting with attorneys' fees out of your own pocket. You can assume that the plaintiff's attorneys will carry on going after your personal assets.

Quite frankly in today's litigious society backed up by powerful tort lawyers a $1 or $2
million initial settlement "asking price" is not that uncommon. For example an auto accident involving a family of 4 or 5, or a golf ball to the head causing life-long disabling injury.

In my opinion the relatively low cost of umbrella coverage is well worth the cost of covering your personal and financial assets.

Very true and this is why we have one

[jimjamuser]

With the sky rocketing home owner policy premiums, anyone with no mortgage is exploring, self insuring. Any help on finding a liability policy from anyone in here ? Just want to be protected from a law suit, but I don't want to pay for all the coastal losses I being renewed with.
Speaking of increased homeowner's insurance due to coastal hurricane damage,m There is a solution, but I doubt that anyone in Tallahassee would have the guts to suggest it. In Oregon they allow no homes to be built within 1/2 mile of the water. This automatically cuts down water and wind damage to homes involved in a storm or hurricane. It would SAVE the whole state of Florida, including center-of-the-state residents, on homeowner's insurance. Without something like that, Florida will continue to allow people with big expensive homes that can afford the necessary modifications to live right up to the water. They will have learned NOTHING from the hurricane experience. And the WHOLE state will pay for a small % of state residents enjoying being on the coast

Incidentally, residents of Oregon love the concept. Everyone has access to the beach to walk, jog, fish, play volleyball, and etc.

[Babubhat]

Florida Asset Protection (Legal Guide) - Alper Law (https://www.alperlaw.com/florida-asset-protection/)

Use Wyoming

Wyoming Asset Protection Trust - The Ultimate Guide | Bohm Wildish & Matsen LLP (https://bohmwildish.com/wyoming-asset-protection-trust-guide/)

Wyoming also has one benefit unique to LLCs: strong charging order protection. This allows the “corporate veil” to essentially go both ways: your interest in the LLC is protected from a personal lawsuit. In order to get ahold of your LLC assets, a creditor must obtain a charging order.

The strength of charging orders varies from state to state, and in Wyoming, you will have probably the strongest protection in the nation. Your creditor cannot force you to make distributions, meaning that you can essentially keep them from gaining any assets just by keeping them within your LLC.

[Garywt]

Wrong thread? Sounds like this belongs in the dog poop thread.

Sounds like a totes umbrella.

[rsmurano]

Also, do you drive a golf cart? If so, you need liability insurance for your golf cart too. My umbrella works for all liability areas, even outside of driving a vehicle or owning a house

[PersonOfInterest]

I usually don't insure my umbrellas separately.

[Babubhat]

Umbrellas somewhat effective but limits too low. Attorneys can ask for amounts far exceeding policy limit. Why you transfer assets to a judgment proof entity. See Wyoming post. Yearly costs about the same with much better protection

Your creditor cannot force you to make distributions, meaning that you can essentially keep them from gaining any assets just by keeping them within your LLC

[Michael G.]

They make great lightning rods

It does rain a lot but it is up to you.

My policy is to carry an umbrella in the rain.

I have a Totes that fits PURRFECTLY in the bottom of my pocketbook.

Wrong thread? Sounds like this belongs in the dog poop thread.

Or a kitty litter thread. :duck:

Sounds like a totes umbrella.

I usually don't insure my umbrellas separately.

If you people don't have something intelligent to add to post like this,
go away. :shrug:

[DonnaNi4os]

You are in FL, the lightning capital of the world. Yes, I have umbrellas, but more importantly I have a lightweight waterproof jacket. Don’t use an umbrella if there is thunder as lightning can strike even if it’s not raining where you are at. Be smart about it and stay safe and dry. Remember that it’s better to get wet than to become a human lightning rod. Stay away from trees and flag poles and get off of the greens. People are the highest object on a golf course.

[ron32162]

Attorneys love them! Dan Newland and Morgan and Morgan would not be able to have those commercials on TV if it was not for umbrella policy's. The more your insured for the more money they can get.

[Michael G.]

If you people don't have something intelligent to add to post like this,
go away. :shrug:

You are in FL, the lightning capital of the world. Yes, I have umbrellas, but more importantly I have a lightweight waterproof jacket. Don’t use an umbrella if there is thunder as lightning can strike even if it’s not raining where you are at. Be smart about it and stay safe and dry. Remember that it’s better to get wet than to become a human lightning rod. Stay away from trees and flag poles and get off of the greens. People are the highest object on a golf course.



Case in-point

[JMintzer]

If you people don't have something intelligent to add to post like this,
go away. :shrug:

Case in-point

https://audiophilestyle.com/uploads/monthly_2014_02/ThreadPolice.jpg.9b8d92429569c42960babaaee224cd8b. jpg

[Aces4]

Judgement proof ?
I would say a homesteaded house can not be taken.
Can one's social security retirement be garnished ?
Can one's savings accounts be taken ?
Am I correct ?

Maybe not while you’re living in your homestead home but in Florida can your estate be held in judgement?

[ldj1938]

That was a cool transition from an "umbrella" to insurance policy. It it rains just hold the umbrella policy over your head.
And....yes people do use umbrellas in Florida if it rains.