Quote:
Originally Posted by KC911
+1 on everything you've posted here. If you knew my net worth, you could probably come up with a few thousand more reasons too 
ps: Topic for another thread, but I'm also wondering whether my 1M umbrella policy is worth keeping. When I had all coverages under one company, maybe, but now, I dunno  |
Absolutely keep it. Look into increasing it. Awards are getting larger not smaller.
An umbrella is just that an umbrella over everything. House, car, boat, RV, YOU. It is extra liability. Anything YOU are personally liable for. Underlying coverage need not be with one company. The underlying policies will respond first. The umbrella will kick in over and above the underlying policy limits.
Two key points about umbrellas.
1. They will require a minimum underlying limit.
2. They usually require A or better Best ratings of the underlying carriers.
Make sure you are incompliance with the underlying requirements or your umbrella won't respond.
I am sure you will find the cost to increase minimal.