looking to change my umbrella policy.  Anyone have suggestions.  Thanks

I just made some "adjustments" to my umbrella policy. We had our home, 3 cars and a boat all with State Farm and an umbrella policy. One of the tenants of an umbrella policy (as I understand it) is that for an umbrella policy to work you must have sufficient insurance on the underlying policy. In our case it was the house that provided that basis. Now we've just sold our home, boat and one of the cars. In order for State Farm to continue the umbrella, we needed to have at least $500,000 in liability insurance on the RV to satisfy the umbrella's "underlying" requirements. We do have that underlying insurance (on the truck also) ... so the umbrella policy was continued just as before, only covering my RV and vehicles. Based on this experience, I suspect there would be similar "underlying" requirements for most companies.  Interestingly, the RV is not insured by State Farm, but they still extended the umbrella to the RV.

This is JMO, but an umbrella policy is almost mandatory to protect your assets in the litigation environment we have today.

-- Edited by RonC on Wednesday 21st of December 2016 07:49:47 PM