Home Forums Hunting & Shooting Hunter's Campfire Insurance Question, Umbrella Policy

I have a 1 mil umbrella and also insure 2 houses, 2 cars and have 2 term life policies,
all with the same co. that I've been with for over 20 years.
My umbrella policy is about 1/5 of what yours cost, sorry but I don't have the other toys you do.

I don’t recall the source exactly (maybe Kiplingers) that said on average, nationwide, 62% of the daily costs of living is for insurance and taxes.

All sorts of risks out there for old kooks...

Toys do add up all total for sure.

Umbrellas are a good investment in security for folks who have significant assets. I pushed them in my agent days, but people are pretty ignorant about coverage vs premiums and just wanted the lowest premiums. It bit a few of them who ended up losing almost everything, although they were conventionally insured with standard auto and HO policies with inadequate limits by their choice.

Something I always and still do recommend is carrying high liability coverages. The difference between $100,000 and $1,000,000 coverage is not proportional and at the $1,000,000 limits is a bargain. Most claims are settled for a fraction of that; that's why the high limits cost only a little more.

I have it and it is cheap for what you get. These days someone can be trespassing on your property, stump their toe and sue you for $1,000,000. There is no point in risking what you worked hard for when you can protect it so easily. I don't sell insurance....

That’s my view and add on what luv2safari just said. Sound wisdom.

Will bet you a large amount that there is an exclusion for that and he needs to read up. Never seen one in working with and for more than 15 companies, that would cover you in a ccw situation.

Sadly, most agents don't know their ass from a hole in the ground. They're taught how to sell. You'll find independent agents know more on average. Also, ask for a sample of the policy, read it, and ask questions.

Might know an independent agent quite well. He is in my mirror in the morning.

Very good advice!

I'll wager you know a helluva lot more than a captive agent. I've been both. Being a successful independent requires knowledge. Being a successful captive agent requires advertising.

I started out as captive with state farm. After five years I switched to independent and got my eyes opened in a big way

Good info and I appreciate it, mj.

I probably should have added a question mark at the end the above quote.

My umbrella policy saved me into the six figure range, worth every penny. My wife was hit by a drunk with minimum insurance along with a couple other cars. Months of work, totaled car, lot’s of medical.

My auto insurance was 1/2 mil but it didn’t take long to eat through the medical portion.

There’s another BIG aspect of an Umbrella. Frequently overlooked.