Unless I'm misunderstand this, getting umbrella insurance to match your net worth still doesn't ensure your assets with be fully protected. Say a person has a net worth of $2 million and they get coverage for that amount. If you get hit and lose a lawsuit for, say, $4 million, the insurance company will cover that first $2 million. You'll then be on the hook for the other $2 million. Am I missing anything?
I think you are missing something. In your example, you normal insurance policy should be enough to cover the first $2M. Then the umbrella insurance will kick in to cover the other $2M. Now your $4M lawsuit will be completely covered by your normal insurance policy and the umbrella policy without you taking a hit to your personal assets. I hope my explanation helps.
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.
I like how the examples are completely random scenarios. 👌🏼 well explained
Great video Logan. You laid out information that was succinct and provided a practical view through your examples. Much appreciated!
You're welcome, Steven! I'm glad these older videos of mine are still being seen and adding value.
Nice video thanks for sharing this excellent thanks
You're welcome!
That entire example had me at hello. I’m getting this
Where or who would I go to in order to get umbrella iins.
Good info. Thank you.
You're welcome!
If I do side work for someone as a sole practitioner and they say that what I did burned down their house, would this insurance cover me?
Thank you, very helpful.
Great info; thanks for taking the time to make a vid!
What if I co-own property such as, rentals, recreational vehicles, land. Am I still eligible and do I also have to include co-own property?
I love it Logan. Any particular company you will recommend for umbrella insurance? Thanks
RLI
@@alinatamashevich3354 why rli?
@@samgrieg Excellent rating, can get them added onto existing policies. LOW cost! I have them, very satisfied.
Thanks!
You’re welcome!
thank you
You're welcome.
Does Umbrella Insurance have a deductible?
Unless I'm misunderstand this, getting umbrella insurance to match your net worth still doesn't ensure your assets with be fully protected. Say a person has a net worth of $2 million and they get coverage for that amount. If you get hit and lose a lawsuit for, say, $4 million, the insurance company will cover that first $2 million. You'll then be on the hook for the other $2 million. Am I missing anything?
Yeah, but what would cause someone to be liable for freaking $4 million?
@@hypocritekiller4900 lying about sandy hook? 🤷
I think you are missing something. In your example, you normal insurance policy should be enough to cover the first $2M. Then the umbrella insurance will kick in to cover the other $2M. Now your $4M lawsuit will be completely covered by your normal insurance policy and the umbrella policy without you taking a hit to your personal assets. I hope my explanation helps.
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.
The problem is in a state like NV people don't even carry auto insurance because they can't afford it, let alone getting umbrella.
Wow, NV lets people drive cars without carrying auto insurance?
@LoganAllec no but a ton do because it's SO Expensive
Great laydown of the issue. Thanks!
Idk why your video sounds i can hear just from my right earbud piece not from both
Not for everyone. You need to increase your car coverage have been doubled first then you are qualified.
Can umbrella insurance covers the LawSuits that are older than the Umbrella policy purchase date ?
Nope
N-O....NO! 🤦🏽♀️
Will umbrella insurance protect landlords against discrimination lawsuits by applicants?
No response unfortunately 😢😅
left ear only
You lost all credibility with me when you said "spank that like button".