Umbrella insurance

[Path or bust]

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Does anyone know of a good umbrella insurance policy?

I've heard the horror stories that if I'm in a collision (insert any catastrophe, mail man trips in front porch) and they sue me for 5 million, they will garnish my wages for the rest of my life above and beyond what my auto insurance does not cover.

Apparently Geico and State farm offer good ones but do not cover malpractice. Not too worried about that because Texas has a 250K cap in place (except economic damages).

thanks

 

[Aubrey]

The advice I've gotten is to buy a policy through whichever company does your homeowners/auto insurance.. they usually will do a discount with the combined policies. Good luck!

Does anyone know of a good umbrella insurance policy?

I've heard the horror stories that if I'm in a collision (insert any catastrophe, mail man trips in front porch) and they sue me for 5 million, they will garnish my wages for the rest of my life above and beyond what my auto insurance does not cover.

Apparently Geico and State farm offer good ones but do not cover malpractice. Not too worried about that because Texas has a 250K cap in place (except economic damages).

thanks

 

[gbwillner]

Does anyone know of a good umbrella insurance policy?

I've heard the horror stories that if I'm in a collision (insert any catastrophe, mail man trips in front porch) and they sue me for 5 million, they will garnish my wages for the rest of my life above and beyond what my auto insurance does not cover.

Apparently Geico and State farm offer good ones but do not cover malpractice. Not too worried about that because Texas has a 250K cap in place (except economic damages).

thanks

They should cover it- that's why it's called "umbrella"- it should cover everything, right? But you pay for separate malpractice anyway... and tail insurance... so not sure when it would be necessary for your umbrella insuranse to cover malpractice.

 

[deleted314957]

They should cover it- that's why it's called "umbrella"- it should cover everything, right? But you pay for separate malpractice anyway... and tail insurance... so not sure when it would be necessary for your umbrella insuranse to cover malpractice.

they don't. your umbrella only kicks in after the loss has exceeded the MAXIMUM insurability.eg. you must pay for the max auto policy (typically 300k/500k) before umbrella kicks in. if you have the bare bones 10k/25k you will pay out of your pocket any excess loss until the loss exceeds the max limits (300k/500k).
nobody is going to let you take out a 250k malpractice policy and then get a cheapo 5M or 10M umbrella thay would cover you beyond 250K. the reason umbrellas are so cheap is that they only kick in after you have MAXED out MAXIMUM insurance limits.
maybe they would if you had a 5M malpractice policy.

 

[Path or bust]

Thanks everyone!

From what I understand, umbrella used to cover malpractice in the past; now, most don't.