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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Amy J who wrote (48978)	2/24/2006 10:04:55 PM
From: Tradelite	Respond to of 306849

<<The formula for umbrella insurance is this - find out what the worst settlement figures are for accidents (cars, swimming pool accidents, etc.) and compare this to the median settlements, and pick a number you can live with, while also covering your assets.>> Actually, one needs to assess one's own risk factors, and it's helpful to speak with an underwriter from an insurance company about your OWN situation, rather than an insurance salesperson from the company who would like to sell you just about anything involving dollars. If a person has no swimming pool in which a person can drown, no deck which can deteriorate and collapse during a party, no improvements in a home which were done by unlicensed contractors and not officially approved by the local permitting system, and a host of other factors, it's pretty hard to be prosecuted for negligence/liability above and beyond what one's own auto and homeowner insurance policies already provide. That is my understanding of the situation. I have pretty good coverage under both auto and homeowner insurance. Good auto coverage is essential when driving other people around to look at properties in real estate...not sure what level of coverage other people get when just driving themselves and their families around. I agree that an umbrella policy is pretty cheap (and extremely necessary when you have loose cannons such as kids or bad driving records/poor vision/illness/whatever other risk factors are working against you)....but living life the right way and trying to take no prosecutable risk is even cheaper. 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.