The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: GraceZ who wrote (48947)	2/22/2006 6:44:48 PM
From: Tradelite	Read Replies (2) of 306849

Grace, I'm curious about your comments re: umbrella policies. My elderly father totalled his car not too long back (which was the best thing that ever happened to him, because at that point the state was going to not renew his about-to-expire driver's license anyway due to eye/vision requirements, but that's a long story not worth telling)....... The bottom line is that once he lost his driver's license and no longer owned a car, his insurance company (State Farm) would no longer grant him an umbrella policy. He griped a lot about not being able to drive (thank gawd for public safety that he's no longer driving), but he was really angry at not being able to secure an umbrella policy, which he had lectured to the rest of us for years that we needed to have for all kinds of reasons. (Our estate-planning attorney said the same thing.) Dad still owns his home and lives in it insured by State Farm. He thought an umbrella policy exists to cover more than just an auto accident. Now......if driving a car is the only basis for having an umbrella policy, and if one can be deemed in court to be "terribly negligent" if an accident occurs while driving a car, why is an umbrella policy necessary for anyone who has a good driving record, or doesn't speed, or drive drunk, or can't see properly as determined by an eye doctor? My insurance underwriter assured me this type of policy wasn't necessarily helpful in my case. I don't know the answers to this question.......just asking. Why are insurance companies telling people they don't need umbrella policies?

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