Do you have an umbrella insurance policy???

Discussion in 'The Mainboard' started by Where Eagles Dare, Feb 14, 2023.

?

Title

  1. Yes

    59.6%
  2. No

    40.4%
  1. $P1

    $P1 Ball State #1
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    At least your feet will be dry
     
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  2. Taques

    Taques sometimes maybe good sometimes maybe shit
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    i don’t own anything except for my car (and this web sight)
     
  3. Arrec Bardwin

    Arrec Bardwin La Araña Discoteca
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    Even if you don’t have assets, you can get turbo fucked by insurance limits. Had a guy that used to work for me that was basically homeless because they garnished his checks after an accident where he fell asleep at the wheel.
     
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  4. Shawn Hunter

    Shawn Hunter Vote Corey Matthews for Congress
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    I'd never heard of this before
     
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  5. Dan Kendra

    Dan Kendra Fan Of: FSU, Leg Presses, Chemistry

    Would also recommend one if you’re on the board of a nonprofit like a youth sports organization or coach for that matter.
     
  6. Beachy Toast

    Beachy Toast He wants you too, Malachi.
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    What if I ask nicely?
     
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  7. slogan119

    slogan119 Her?
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    I need to. Had an incident where our dog (lightly) bit someone at a park but it could have been ugly.

    Had completely forgotten I wanted to look into it until seeing this, so “Thanks TMB!”
     
  8. CF3234

    CF3234 Fan of: Bandwagons
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    Echoing the same as others. If you have assets, you should have one. And they are pretty cheap. Paying like 280 a year for a 5 million dollar policy.
     
    kinghill likes this.
  9. Sportfan

    Sportfan From Six to Dumptime
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    who do you have?

    Just got quoted $277 by geico for a $1M policy plus I’ll have to upgrade my renters from $100,000 to $300,000.
     
  10. CF3234

    CF3234 Fan of: Bandwagons
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    State Farm
     
  11. ramszoolander

    ramszoolander Known for Buns
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    I appreciate the reminder that I need to check on this. When I got our house + home policy 10 years ago, not enough assets etc to do umbrella (we are with Cincinnati). I sort of wonder now, though.
     
  12. ramszoolander

    ramszoolander Known for Buns
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    Also Cincy is GOAT if you aren't Chubb money, you heard it here (probably not) first.
     
  13. devine

    devine hi, i am user devine
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  14. Fran Tarkenton

    Fran Tarkenton Hilton Honors VIP
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    Chubb's claims dept suck ass for personal lines. Cincy better.
     
  15. slogan119

    slogan119 Her?
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    Got my quote and will have mine active on Friday. $263/year for $1MM.
     
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  16. Duck Smoker

    Duck Smoker Cheekbones like geometry and eyes like sin.
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    Is an inherited IRA shielded from liability, or should it be included in the assets added together to size an umbrella policy?

    My agent says they cannot offer legal advice regarding IRA exposure. Thanks.
     
  17. Hoss Bonaventure

    Hoss Bonaventure I can’t pee with clothes touching my butt
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    Just realized after my grandma’s funeral I’m worth a ton of money dead. Almost a million with my wife’s policy. So if I get got you all know where to look if it seems fishy
     
    brolift and Prospector like this.
  18. El Tiburon

    El Tiburon Well-Known Member
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    Bruh, your wife tried to kill you multiple times when you were financially worthless. Pretty sure any untimely death will result in her getting looked at first.
     
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  19. Hoss Bonaventure

    Hoss Bonaventure I can’t pee with clothes touching my butt
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    I was actually financially worth full. I have a ton of money in savings.
     
  20. Iron Mickey

    Iron Mickey a guy who posted here like five years ago hates me
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    You need to insure your insurance.
    -normal society
     
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  21. Hoss Bonaventure

    Hoss Bonaventure I can’t pee with clothes touching my butt
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    Also yes, my wife has tried to kill me a few times. Not glossing over that fact.
     
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  22. zeberdee

    zeberdee wheel snipe celly boys
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    all the money you've saved on pants?
     
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  23. Hoss Bonaventure

    Hoss Bonaventure I can’t pee with clothes touching my butt
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    $0 #lifehack
     
  24. Gallant Knight

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    I mean if you have a lot of assets you do? If you have six figures in a brokerage account and less than $1m in insurance and you kill someone on the road, someone’s going to get that $100k from you.

    Or you can pay like the equivalent of two supersized McNuggets meals a month and not have to worry about that
     
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  25. Iron Mickey

    Iron Mickey a guy who posted here like five years ago hates me
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    Im not arguing the practicality, I’m disgusted by it.
     
  26. Redav

    Redav One big ocean
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    I like needing insurance to make sure the bank makes money on my loan.
     
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  27. Iron Mickey

    Iron Mickey a guy who posted here like five years ago hates me
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    The best. Forget interest, I need a guarantee.
     
    Craig Pettis, Lip, Nug and 1 other person like this.
  28. Hoss Bonaventure

    Hoss Bonaventure I can’t pee with clothes touching my butt
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    Shit,I need to learn to invest and get insurance.
     
  29. jrmy

    jrmy For bookings contact Morgan at 702-374-3735
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    I remember back in the good old days when people wanted everyone to know they were rich they would just post a poll about annual incomes and make it where everyone could see how you voted.
     
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  30. Stagger Lee

    Stagger Lee Crazy. Sexy. Cool.
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    Yes, it's like $14/mo. and gives me peace of mind.

    I think anyone with teenage kids should definitely have one.
     
  31. Stagger Lee

    Stagger Lee Crazy. Sexy. Cool.
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    *Edit - Some states protect IRAs from creditors. If you go into bankruptcy, federal law will protect up to a certain amount of your IRA balance.

    Duck Smoker
     
    #81 Stagger Lee, Sep 26, 2023
    Last edited: Sep 26, 2023
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  32. Hoss Bonaventure

    Hoss Bonaventure I can’t pee with clothes touching my butt
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    This is what is getting me. We have a 3 yr old son and I know he’s good on my wife’s company plan but I don’t have shit other than that
     
  33. Stagger Lee

    Stagger Lee Crazy. Sexy. Cool.
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    The insurance is technically to protect the bank from losing money. You get insurance because you don't have enough collateral to fully secure the loan, and the bank wouldn't underwrite it absent insurance.
     
  34. Hoss Bonaventure

    Hoss Bonaventure I can’t pee with clothes touching my butt
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    So if I took out a loan for my kid I’d be better off than getting him insurance? Asking for real as I have no idea. Never had a loan in my life other than student loans.
     
  35. Stagger Lee

    Stagger Lee Crazy. Sexy. Cool.
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    Oh I don't know about that. I was referring to lender-required policies like PMI.

    Your example sounds like an optional policy that would payout towards a loan upon the occurrence of certain covered events (e.g., death, sickness, loss of job). I'm not an expert in this stuff at all. Depending on your son's situation, I suspect a lender wouldn't accept the policy as a substitute for your guaranty. I'd get with an insurance broker on this.
     
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  36. Redav

    Redav One big ocean
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    So what's the interest for?
     
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  37. Iron Mickey

    Iron Mickey a guy who posted here like five years ago hates me
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    the lengths people go to justify a literal scam economy is amazing
     
    Nug likes this.
  38. Redav

    Redav One big ocean
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    Never mind the underlying principle is you have to have an insurable risk. Shouldn't the bank be on the hook for the insurance?
     
  39. Stagger Lee

    Stagger Lee Crazy. Sexy. Cool.
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    Time value of money/putting at risk?
     
  40. Redav

    Redav One big ocean
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    Kind of weird right?
     
  41. Name P. Redacted

    Name P. Redacted I have no money and I'm also gay
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    Stagger is gonna say you entered into a contract therefore it’s all valid.
     
  42. Stagger Lee

    Stagger Lee Crazy. Sexy. Cool.
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    Will you loan me some cash interest free? I'll pay you back in 20 years.
     
  43. Redav

    Redav One big ocean
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    What
     
  44. Redav

    Redav One big ocean
    Donor

    You have to pay twice what your home is worth to me?

    Why?

    I'm taking on risk. Also you have to insure my risk.

    This seems normal
     
  45. tylerdolphin

    tylerdolphin My spoon is too big
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    I think the fact that I had to look up what an umbrella insurance policy is answers the question of whether I have it
     
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  46. Nug

    Nug MexicanNug
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    oh come on with that bs false equivalency
     
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  47. Stagger Lee

    Stagger Lee Crazy. Sexy. Cool.
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    The insurance reduces risk to the lender and the borrower. It doesn't get rid of risk. And risk reduction does nothing to resolve that there is time value of money and inflation.
     
  48. Redav

    Redav One big ocean
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    Well I hope they don't decide at some point there's even more risk they weren't previously aware of and I have to buy something else to triple dog insure their risk
     
  49. Bo Pelinis

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    Just live in a free tin shack under your nearest overpass like Corch

    #lifehack
     
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  50. Redav

    Redav One big ocean
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    Sorry you can't understand this is actually the perfect version of society.
     
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