Not mine. I think they do carry very high liability insurance with their car insurance.
@seal16, mine donât but maybe they should.
ShawD is a nurse practitioner and is not badly paid. An umbrella policy might really have helped her this month. She moved cross-country this month and the moving truck carrying all of her belongings burned to a crisp. All her belongings are gone. Her homeowners insurance is paying her maybe 1/4 to 1/3 of the value of her belongings but the shippersâ insurance is being evasive. I imagine an umbrella policy would have helped her.
ShawSon and fiancee are doing quite well â she has a great position at one of the tech majors and he is a venture-backed Silicon Valley tech entrepreneur. I think his net worth on paper is pretty high (and I set up a dynasty trust that would also have the effect of protecting his shares from a lawsuit).
I will suggest that both consider umbrella policies.
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Umbrella policies afford liability coverage (and on rare occasions UM) but do not afford first party property insurance so would not have helped your daughter.
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AgreeâŠbut some homeowners policies offer replacement value coverage for home and belongingsâŠwe have that.
Wonât bore people with the details, but my recent experience with Chubb homeownerâs insurance (which everyone says is a great company) has made me realize that property/casualty insurance companies will try as much as possible to reimburse you as cheaply as possible when you file a claim. On top of that, the company will raise your premium once you have filed a claim.
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Yes, but homeowners policies are intended to provide coverage for your property while it is in the insured home. When it is outside the home such as when you are traveling or it is on a moving truck the coverage typically is much less. If moving it is advisable to see if additional coverage can be purchased through the moving company or through your insurer.
When our kid moved all of her stuff from one state to the next, we purchased replacement coverage from the moving company. It was very inexpensive.
Not sure what you do if you are doing a DIY move!
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I would love to hear any details you are willing to provide about Chubb as I continue to pay their high premiums in the belief that they would pay out for any claim.
I just pulled the policy and see I have extended replacement cost for dwelling and replacement cost for contents.
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Sometimes homeowner âtraditionalâ companies have been difficult - and although we did not ever use our umbrella policy benefits, our traditional company chose not to re-insure us for auto, home, and umbrella. We had one auto âclaimâ that wasnât a claim, DD did drive too fast for conditions and had a one car accident - her passenger and she were not injured but the passenger put in a claim âjust in caseâ. Any paperwork in is considered a claim. Our insurance agent was upset - we had homeownerâs insure for decades with this company.
Looking around, could not get a homeownerâs quote if one had a water claim within 3 years.
Our aunt/uncle in Ft Worth area had wind damage on a fence, then had roof damage with tornado/high wind and I believe another time. People in that whole area were having huge difficulties with the âtypicalâ insurance companies.
Our saving situation was that both our dads had served in the military, and with a small USAA insurance policy for one of them, we were able to get USAA insurance - and also our DDs could obtain. So we now have all our policies with USAA except I still have a small jewelry insurance policy with original insurance - they did allow me to keep that policy. Go figure; over the years I have had a few claims but I guess they are making money on that policy.
My neighbors had a micro burst wind/rain damage - they have USAA insurance, and they had a good experience â and I have talked to our rooferâs claims handler and she said USAA was the best she has worked with.
Appreciate the info on getting additional insurance with moving/replacement cost. Always helpful to learn navigating situations that can come up.
@SOSConcern Question about USAA insurance (might be better to PM so as not to hijack thread): We qualify. BUT, the last time I checked with them (about 2 years ago), I had major issues trying to get a firm quote from them.
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I needed to call about 2-3x, and each time was given different information (and different quotes for the same coverage). They kept telling me that I would get a bundled discount as well, but would not give a firm quote for any âdiscountâ, until after I purchased a policy!
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Due to the age of our home, they said they would need to visit it in-person to verify value. I have no problem with that, except it would be done AFTER I started a policy. I was not comfortable with that at all. What if they decided after-the-fact, that my policy would be more expensive? I even said I was willing to purchase if they would confirm pricing before I started, which meant they had to visit the house before I started. They would not do that! To transfer, I also had to give up my âlong-termâ discount with current insurance underwriter, and current underwriter would not re-instate that discount if I came back even within a year. So we chose to stay with current insurance.
Was your experience different?
No, umbrella would not have covered moving losses.
Movers have their liability capped by federal law (based on weight). When moving, one should always purchase a short-term policy that specifically covers moving. Usually, the movers are happy to sell you a policy, but some homeowners companies also sell them.
Check with your homeowners: typically, movers is excluded, even if you have replacement cost.
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I suspect weâve talked about this before, but not in some time. What are people doing about long term care?
Currently, I have a âbigâ bucket of money targeted to be used for LTC if necessary, and if not, the kids will get more.
BUT, I know they have a ânew-ishâ kind of LTC insurance - if you use it fine. If not, thereâs a life insurance payout. I have friends who just paid $150K âup frontâ (They are late 50s) for a policy. I donât know the details. Other friends paid $100K for the âoldâ kind of LTC policy, over 10 years, but they finished paying it off some time ago, and itâs no longer available.
As I said, we have nothing. If we do buy some, I actually like the idea of paying it all ânowâ as opposed to worrying about rates going up.
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I had one LTC care but I cancelled it. Iâm glad I did because they kept raising premiums.
But is it true that from some LTC than you still have to pay for premiums even if you are taking the benefits.
@kjofkw your profile is hidden so I cannot message you about USAA
Weâve had an old-style LTC policy for about 16 years. When we purchased, we were advised that the company had NEVER raised the premiums. Well, after 10 years, they did just that, substantially, nearly every 2 years.
Each time it is increased, we have the choice of getting our investment back, OR re-adjusting the limits. Weâve always chosen the latter. Fortunately our policy has an automatic inflation adjustment. For the first 14 years, the limits grew faster than inflation (but not necessarily faster than LTC costs), but our savings also grew, so we felt it ok to cut back.
I fully realize we may never see the benefits. But actually, like most insurance, I hope we donât â yet still live long enough of course!
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Well, I canât think of anything sheâd need umbrella insurance for. But if she drives someone elseâs car, then yes, I guess theyâd need it. Did you read your policy carefully? To make sure that it really does cover someone not living in the house?
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I think both you and Shaws kid need a personal property appraiser. IF you have a claim of any size this is not only needed by should be required ( it isnât).
Long ago, we had about 75K worth of computers stolen from our home. This was an issue as most people used inexpensive machines. We had Chubb. They paid for everything but they were stuck on the computers. After an appraisal we got paid in full. Our only other claim, we hired an adjuster and an appraiser and were paid in full and they did things we hadnât even thought of.
It never made financially sense to us. I think if we had been maybe 10-15 years older, we would have bought it. We are like you and have a bucket of money for this type of thing. Hopefully, weâll never need it. Also, in our retirement I can see being able to pay for things like a cleaner, laundry service, someone to take me to the grocery store and a nurse on occasion after a sickness. Anything else and weâll have to decide based on the specifics.
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That would be a Tesla in my case. When I get to 90, I will have a mode program in my car, take me to nurse, or take me to haircut, or take me to a grocery.
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I sent you a message about this
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