[billethkid]

Are umbrella policies state or dwelling specific?

If one has an umbrella policy on their home up North, is it neccessary to have another policy for the home in FL?

It seems to me one umbrella policy, but I can also see where it could be possible to be based on dwellings.

Now why am I thinking about this at 3 AM?

[Villager Dude]

Originally Posted by billethkid

Are umbrella policies state or dwelling specific?

If one has an umbrella policy on their home up North, is it neccessary to have another policy for the home in FL?

It seems to me one umbrella policy, but I can also see where it could be possible to be based on dwellings.

Now why am I thinking about this at 3 AM?

Same policy but list your Florida home to be safe.

[PR1234]

Be SURE to add your golf cart to your Umbrella policy too!

[Topspinmo]

I was told it's cheaper to have golf cart and motorcycle policy seperate. My quote from company I'm probably going with for house, car, with seperate golf cart and scooter policy all cheaper or the same as just my home insurance from another state.

Car Insurance for me higher in Fl. than the state I came from, but house insurance way cheaper. I also have in the quote extra sinkhole cover that caps what I pay at about 12%. I can find cheaper insurance but nobody wants to cover sinkhole coverage. Course house has to be pre-inspected for the extra sinkhole coverage.

Basiclly for me I got everything covered for about the same price as my previous state house insurance. So seems to be good deal at lower rate for me.

[dewilson58]

Originally Posted by Villager Dude

Same policy but list your Florida home to be safe.

Yep!!!

[perrjojo]

Our umbrella policy in Florida is twice the premium we paid in Georgia. We kept the Georgia policy until we moved here full time and had to move. I would talk with your agent to be certain of coverage because all policies are not equal.

[llaran]

are you sure you need an umbrella? your house can not be attached, i have been told because of the homestead.

[buggyone]

I do not know about that but you have other assets, don't you - like investment portfolio and bank accounts? Those could be taken if a liability judgement goes over your homeowner or car policy liability limits.

How do you think Morgan & Morgan stay in business? Big judgements!

[cattywampus]

Originally Posted by llaran

are you sure you need an umbrella?

your HOUSE can not be attached, i have been told because of the homestead.

Your house IN Florida, if it is your Homestead, is the ONLY thing you can keep.

However, EVERYTHING else in your name,
including your Socks and Jocks and Underwear, can all be taken.

[janmcn]

Originally Posted by Rc Moser

I was told it's cheaper to have golf cart and motorcycle policy seperate. My quote from company I'm probably going with for house, car, with seperate golf cart and scooter policy all cheaper or the same as just my home insurance from another state.

Car Insurance for me higher in Fl. than the state I came from, but house insurance way cheaper. I also have in the quote extra sinkhole cover that caps what I pay at about 12%. I can find cheaper insurance but nobody wants to cover sinkhole coverage. Course house has to be pre-inspected for the extra sinkhole coverage.

Basiclly for me I got everything covered for about the same price as my previous state house insurance. So seems to be good deal at lower rate for me.

Are you saying that the deductible for sinkhole insurance is now 12% where formerly it was 10%? In other words, if the insured value of your house is $200,000 you now pay $24,000 instead of $20,000. That's a pretty sharp increase.

[rjm1cc]

You have to read the policy. Some cover you any place and any property. Others might have you list the RE and maybe not cover all states.

[bimmertl]

The umbrella is excess to all your underlying insurance policies. The premium on the umbrella is based upon the underlying risks. So if you have 2 cars, 2 houses, a boat and a golf cart, you get charged accordingly.

All the underlying "exposures" ( boat, golf cart etc) are required to be insured for specific underlying limits. Usually something along the lines of 250/500/50 for auto and golf cart policies. Maybe 500K for a HO policy liability limits. (all carriers have different underlying limits requirements, these are just an example) So when you get an umbrella you list all the exposures you intend to be covered and meet the required underlying limits of the primary policy for each underlying exposure. Two houses get covered if limits met and premium adjusted accordingly. Remember, it's a liability coverage excess policy. If for some reason you have a car or whatever, not meeting the underlying required limits, the umbrella won't apply.

Yes, in Florida your house can not be attached in a bankruptcy proceeding. That is why OJ Simpson resided here to avoid the Goldman's getting his house in their civil suit. However, you would have to be crazy to not insure your house under an umbrella to save a couple of hundred dollars a year for such a reason.

In addition, umbrella policies provide very broad coverage for things such as libel and slander in addition defense costs in lawsuits brought against an insured which may not be covered by some underlying policies.

Umbrella policies will also provide uninsured and underinsured (UM/UIM)coverage to protect the insureds who are injured by uninsured or underinsured liable parties. It' wise to add those coverages to the policy also. They aren't "automatically" included as the umbrella is primarily a third party liability coverage while UM/UIM is "first party" coverage.

I never sold this stuff, just handled a lot of claims and made decisions a long time ago to always have an umbrella policy protecting me and my family.

[JCMSr]

Prior to moving to TV we had an umbrella policy in North Carolina. Once we changed our primary residence to Florida we were told we needed to purchase a new policy from a company licensed in this state. Since we still own property in NC we made sure that the new policy covers both houses, all cars, the RV and the golf cart. As previously stated by bimmertl you must have basic liability coverage on each home, car, etc. with minimum limits set by the carrier. All of our policies carry minimum 250/500/50 limits.

[TNLAKEPANDA]

Typically and umbrella policy is just a liability policy and it follows you. Some states have it attached to your HO policy and some to your Auto policy. You probably have to buy it in your state of residency. Check with your agent or carrier.

[rubicon]

Originally Posted by llaran

are you sure you need an umbrella? your house can not be attached, i have been told because of the homestead.

the umbrella covers excess liability and so if a verdict rendered beyond your limits you may have to sell your house to pay off the verdict.

Next time you see an ad by a TV lawyer telling you he will get you what's fair from those big bad insurance companies remember he is also targeting you for a big pay off