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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: Tradelite who wrote (49077)2/27/2006 10:01:48 PM
From: Amy JRead Replies (1) of 306849
 
Tradelite, RE: "Have you spoken with an underwriter for the insurance company you are paying to insure you, or are you only speaking to the salesperson who wants to sell you higher levels of insurance?"

I don't think one should get their advice from an insurance company on this matter - it's a bit like a chicken asking a fox for advice. A lawyer gave me the appropriate figure. (I never have been sued, nor have I ever sued anyone, but it's important to get the right advice to be protective of one's assets when you live in a litigious society like the USA.)

I think the thing you're not realizing, is that this is the one insurance product that insurance agents prefer not to sell. An insurance agent on the thread gave you the reason why. I'm not sure why you don't believe him and others.

RE: "And are you trying to insure your risk of being in a particular business, or trying to insure your home or auto? "

Personal, not business. My corporation has altogether different insurance liability coverage.

RE: "I have pretty good coverage under both auto and homeowner insurance."

It's possible your assets may not be in the ballpark range where you need to worry about them, if your coverage is adequate without an umbrella policy.

RE: "I agree that an umbrella policy is pretty cheap ...but living life the right way and trying to take no prosecutable risk is even cheaper."

I would definitely disagree with this statement - no matter how perfect you are, you are always at risk of an expensive lawsuit which is more dependent upon the amount of your assets than on your perfect behavior, in a litigious society.

RE: "When I introduced this subject, I was looking for other opinions and experiences with this issue of an umbrella policy...not personal advice or criticism. Maybe I didn't make that clear enough."

My advice was meant to be helpful, possibly a more appropriate apply would be a thank you.

Regards,
Amy J
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