Umbrella Insurance

I own a multifamily home and a car. The car is paid for the home is almost finished paid for.
Does anyone have umbrella insurance? If so from which provider? If you choose not to have it because you are strongly against it please tell why and what other alternative that you suggest.

I have insurance on all my properties (wind storm, fire etc on the structure itself not contents) I also have an umbrella liability policy for $1million this amount is chosen because if the worse thing happens say a child is killed or maimed and a key thing that has to happened that this child’s injury has to be because of my negligent act or omission then a jury is not likely to award more than $1million. That is also an amount that is attractive to settle for. You don’t want to go to court. Neither lawyer wants to go to court. They want to get you both to settle. With a million dollar insurance coverage both lawyers will strive for the plaintive to accept that amount (unless they find that you have a bunch of cash sitting around when they do the discovery). That means that as soon as the settlement comes down they get a check. They don’t have to chase me for my assets, they don’t have to take payments they get cash. Also if you have coverage for $1million and you are sued, the insurance company will send in their lawyer to defend you because they don’t want to write the check.

FYI, negligence is almost always claimed when starting one of these types of cases if the dollars are big enough. It’s a way of getting you to settle because with negligence they can pierce the corporate veil.


For the reason Bluemoon mentions.
Allstate Insurance.

GOD WNZ Skip to the back of the book

Depending on how much money and other assets you have, you may not need umbrella insurance. if your home and vehicle insurance are already covering your liability costs. If that’s the case, spending any money on umbrella insurance is a wasteful endeavor.