Ameriprise offers
personal umbrella insurance coverage for when the cost of an accident exceeds your auto or home insurance policy limits; it'll pay the difference between how much your claim actually costs and how much your auto / home insurance can cover.
The home owner's insurance offered via Hartford includes coverage for one's primary residence and investment property, along with renter's insurance, condo insurance, flood insurance, and
overall umbrella insurance coverage.
Assuming you select the highest payment limit on your auto liability policy, you would only need to have assets in excess of that limit, typically $ 300,000, to
justify umbrella insurance coverage.
Umbrella insurance coverage works in conjunction with a homeowners and / or auto insurance policy; it gets applied AFTER you've exhausted your liability protection with those policies.
Given that it is only one property, the simplest answer is probably to go out and get
adequate umbrella insurance coverage that includes rental / landlord coverage... a $ 1M or $ 2M policy would probably cost less than the LLC filing, depending on your state.
For example, if your car slides on the ice and causes damage to another vehicle, your umbrella policy will likely cover damage that exceeds your auto policy's limits (within the stated limits of
your umbrella insurance coverage).
Just as you can find discounts for your standard insurance policies, you can find deals on
your umbrella insurance coverage as well.
Your homeowner's insurance company can also offer
you umbrella insurance coverage.
Umbrella insurance coverage might just be the answer if you'd rather err on the safe side.
Oftentimes,
umbrella insurance coverage can help policyholders lower their premiums.
For example, if your car slides on the ice and causes damage to another vehicle, your umbrella policy will likely cover damage that exceeds your auto policy's limits (within the stated limits of
your umbrella insurance coverage).
Just as you can find discounts for your standard insurance policies, you can find deals on
your umbrella insurance coverage as well.
One insurance company recommends that anyone owning assets totaling more than $ 200,000 should have personal
umbrella insurance coverage; others who should absolutely consider purchasing an umbrella insurance policy are those who own a business, and those who have dependents.
Umbrella Insurance (Excess Liability):
Umbrella insurance coverage is a means to increase the liability of existing insurance policies by paying a single Premium.
Shelter Insurance was founded in Missouri in 1946 and provides car, home, farm, life, business, flood, and
umbrella insurance coverages.
My realtor was recommending
an umbrella insurance coverage of a million dollars.