You have a gift - explaining something that is complicated to most of us in a simple and easy to understand way! Thank you! I came here wondering if I needed umbrella insurance after maxing out my auto liability insurance and now I know what to do.
Sr. Thank you so much for posting. I'm studying for my P&C test and I was confused about umbrella Ins. then I found your videos. I will be eating all your content now to help me study of that I'm sure. Thanks
You got this!! Have you watched our Home and Auto Insurance Made Simple series? Lots of answers there. Here it is ruclips.net/p/PL425CAnBWQyR7jTxJzNJ1tJjGGKoDKhjn
I’m so confused because umbrellas aren’t for property it’s for damage caused to someone else. How would you be able to cover your assets under and umbrella policy?
You are 100% correct. Here's an example of when an umbrella protects your assets. Let's say something really bad happened to someone else and a personal injury attorney feels you are liable (like it was your fault). They are going to sue you. For the sake of example, let's say they sue for 2 million dollars. If a court finds you liable, your assets would be at risk. They could be taken away to pay the lawsuit. However, if you have $2M of coverage, the insurance protects you from losing your assets. Your correct that umbrella coverage has nothing to do with protecting you from physical damage to your house (like fires and stuff). But it does protect you from having those assets seized in a lawsuit. Hope that makes sense.
Would an umbrella policy protect my home if sued as a result of a friend's action as driver of a leased vehicle? I am the lessee, she is the co-lessee.
Great question. Most umbrellas are “occurrence” based. That means the bad thing that triggered the lawsuit has to have happened while the policy was in place. Have a great one.
My girl gave me hsv2 because she cheated on me and will admit to it in court can I sue her for her personal liability coverage on her renters insurance?????
Sounds like she shouldn't be your girl anymore. As for coverage on her renters insurance, it would take moving forward with the lawsuit to find out. It's actually surprising that there isn't more out there on this but it seems like there's a fair argument for her liability in the scenario.
I just start my busines and i have hard time to guet general liability, workers comp, auto liability and umbrella liability im live in Michigan are you recommend any agent Tankyou
Rafael Valdivia, if you’d like to reach out to us we may be able to help. If we can’t we’ll direct you to a good agent that can. Call us at 812-679-8779.
A specific freight coverage through an agent who specializes in this is key. Terms you want to hear are “Inland Marine” & “Care, Custody, & Control”. It should be fairly easy to add to an existing business policy with the right agent.
Scenario: Let's say you are worth 3 million in investments, but most of that is in qualified retirement plans and Roth IRA's. Are these assets creditor protected anyway? Does this factor in somehow ... compared to if those investments were held in regular savings or non retirement mutual funds?
Great question. You should start with your current home and auto insurance provider. Most companies can very easily add the personal umbrella to your account. If you don't have your home and auto together, you should totally consider putting them together as it's generally cheaper and it gives that company the ability to easily add the umbrella. If your company can't do it for some reason, contact a local independent agent. You should probably ask them to offer a proposal for a home, auto, and umbrella package. Hope this helps and nice job setting up your insurance thoughtfully!
Phil Chabert, the umbrella is usually going to have just one limit for bodily injuries and property damage. So a $1,000,000 umbrella would take into account bodily injuries and property damage. Does that help?
This is a great question. Most insurance policies are based on the "date of loss". This is true for "occurrence" based policies. Almost all umbrella policies are going to be Occurrence based. So the date someone got served would be irrelevant. Coverage would only apply if it was in place on the date the bad thing happened. Hope this helps!
You have a gift - explaining something that is complicated to most of us in a simple and easy to understand way! Thank you! I came here wondering if I needed umbrella insurance after maxing out my auto liability insurance and now I know what to do.
Aww, Thanks Kim! Glad it was helpful.
Sr. Thank you so much for posting. I'm studying for my P&C test and I was confused about umbrella Ins. then I found your videos. I will be eating all your content now to help me study of that I'm sure. Thanks
Glad to hear it! Good luck on your exam.
I need to definitely learn more about this type of insurance coverage, thanks for making this video!
You got this!! Have you watched our Home and Auto Insurance Made Simple series? Lots of answers there. Here it is ruclips.net/p/PL425CAnBWQyR7jTxJzNJ1tJjGGKoDKhjn
@@ShineInsurance
I will , thank you!
This is really easy to follow. Thanks for making this!!!!!
Of course. Glad it helped. Let us know what else we can create for you.
really nice explanation!
Great video! First time viewer and new subscriber.
Awesome! Appreciate you. Let us know what else you like to see a video on.
Thanks,. I liked the way you shared valuable knowledge.
I’m so confused because umbrellas aren’t for property it’s for damage caused to someone else. How would you be able to cover your assets under and umbrella policy?
You are 100% correct. Here's an example of when an umbrella protects your assets.
Let's say something really bad happened to someone else and a personal injury attorney feels you are liable (like it was your fault). They are going to sue you. For the sake of example, let's say they sue for 2 million dollars. If a court finds you liable, your assets would be at risk. They could be taken away to pay the lawsuit. However, if you have $2M of coverage, the insurance protects you from losing your assets.
Your correct that umbrella coverage has nothing to do with protecting you from physical damage to your house (like fires and stuff). But it does protect you from having those assets seized in a lawsuit.
Hope that makes sense.
Would an umbrella policy protect my home if sued as a result of a friend's action as driver of a leased vehicle? I am the lessee, she is the co-lessee.
Is there a deductible on an Umbrella? Would I be eligible for coverage should I co-own property with others?
Excellent Video. Explanation was provided in a very easy to understand manner.
Excellent video !! Thank you !!
If I have 1.5 million assets, should I buy 2 million or 1 million insurance?
Im trying to Learn Insurance to be an agent so this video helped a lot!
Ytrustnone, glad it was helpful!
Very helpful. Thank you..
Of course! Glad it helped.
Can umbrella insurance covers the LawSuits that are older than the Umbrella policy purchase date ?
Great question. Most umbrellas are “occurrence” based. That means the bad thing that triggered the lawsuit has to have happened while the policy was in place. Have a great one.
After hearing the experience of the Chevy dude 😂 we must learn from experiences of others!
Very informative,thanks
Are you insuring people,where are you from?
Thanks! Yep, we're out of Indiana. If you'd like to connect on insurance check us out at www.shineinsurance.com.
My girl gave me hsv2 because she cheated on me and will admit to it in court can I sue her for her personal liability coverage on her renters insurance?????
Sounds like she shouldn't be your girl anymore. As for coverage on her renters insurance, it would take moving forward with the lawsuit to find out. It's actually surprising that there isn't more out there on this but it seems like there's a fair argument for her liability in the scenario.
I just start my busines and i have hard time to guet general liability, workers comp, auto liability and umbrella liability im live in Michigan are you recommend any agent Tankyou
Rafael Valdivia, if you’d like to reach out to us we may be able to help. If we can’t we’ll direct you to a good agent that can. Call us at 812-679-8779.
What kind of umbrella insurance do I need to cover other companies freight that I haul on a trailer? They want a million dollar coverage on it.
A specific freight coverage through an agent who specializes in this is key. Terms you want to hear are “Inland Marine” & “Care, Custody, & Control”. It should be fairly easy to add to an existing business policy with the right agent.
@@ShineInsurance thanks
Answered my questions with ease.
Glad it was helpful!
Scenario: Let's say you are worth 3 million in investments, but most of that is in qualified retirement plans and Roth IRA's. Are these assets creditor protected anyway? Does this factor in somehow ... compared to if those investments were held in regular savings or non retirement mutual funds?
Where are some places I can buy umbrella insurance?
Great question. You should start with your current home and auto insurance provider. Most companies can very easily add the personal umbrella to your account.
If you don't have your home and auto together, you should totally consider putting them together as it's generally cheaper and it gives that company the ability to easily add the umbrella.
If your company can't do it for some reason, contact a local independent agent. You should probably ask them to offer a proposal for a home, auto, and umbrella package.
Hope this helps and nice job setting up your insurance thoughtfully!
Awesome, thanks for a simple answer. :)
Simple is good.
For a $1,000,000 Umbrella policy, what is the most common limit of property damage to use?
Phil Chabert, the umbrella is usually going to have just one limit for bodily injuries and property damage. So a $1,000,000 umbrella would take into account bodily injuries and property damage. Does that help?
excellent! clear video
Lyteck Lynhiavu, so glad it was helpful!!
Thanks Baller
Been feelin this comment since you left it. Ballin it all we’re trying to do.
Will an new umbrella policy cover an accident that a person previously caused, but the person is just now being served with a lawsuit?
This is a great question. Most insurance policies are based on the "date of loss". This is true for "occurrence" based policies. Almost all umbrella policies are going to be Occurrence based. So the date someone got served would be irrelevant. Coverage would only apply if it was in place on the date the bad thing happened. Hope this helps!