Gun Owners: do you have umbrella insurance?

[GRG a/k/a goldenrulegirl]

Okay, so, I overanalyze things (everything if you as my DH).

If YDS buys a gun, should we consider getting an umbrella insurance policy?  We don't currently have one because, well, we just don't.

But, adding a gun to the family mix and to the family home on a regular basis makes me think we should add some additional liability coverage.  

Kids are fun.  

[milee]

Insurance and liability is one of the single largest things DH and I disagree on. So I am maybe not the one to ask.

FWIW, I think an umbrella policy is a good idea for almost anyone. But you should check and see what is specifically excluded.

[Deleted]

I have an umbrella policy, but not because of guns. Mostly because I have a farm.  I'm more worried about somebody getting kicked in the head by a horse, or rolling their tractor over onto themselves while on my land. 

[tractor]

I really don't know what owning a gun would have to do with wether or not you need an umbrella policy. I have many guns, but purchased a 2M umbrella policy for reasons other than having firearms in the house. I think an umbrella policy is a good idea if you have any assets worth protecting. We are bigger fish in a rather depressed financial pond and figured we would be an easy target for any locals who were somehow harmed by us, either through an accident or property liability issue.

[giramomma]

We've had an umbrella policy even when we didn't have a crapton of assets, because DH was driving other kids around for scouting.

[NomoreDramaQ1015]

We have an umbrella policy.  Has nothing to do with guns.   It has to do with the potential of being sued and not having enough in car/house insurance to cover it.

We also own dogs.  My BIL was at our house once and was deliberately antagonizing our dog to try and bite him (DH exchanged heated words over that).  If she had taken the bait guess who would have been liable?


It's only a few extra dollars to our policy.   We are not rich enough to self insure so I feel that having an umbrella policy to bridge the gap is a wise decision.

[mollyanna58]

You should also check your Homeowners policy to see the limits for the actual gun.  Homeowners policies have limits on certain classes of contents including jewelry, cash, silver, and firearms.  The limits are usually in the $1K to $5K range, which is probably fine for one gun, but just check to be sure.

[alabamagal]

You are overanalyzing!

Decide if umbrella policy is needed, primarily if you need it to protect your assets.

With your children, it becomes more complicated when they turn 18.  Usually homeowners covers their belongings when they are in a dorm, but not if they live in an apartment.  Not sure about umbrella insurance and a child who is off at school.  

[alabamagal]

Also, there is probably a much higher chance of being sued when they have a car than when they have a gun.

[msventoux]

I have an umbrella policy, and I honestly don't know if it speaks to anything about guns.  I bought a 2 mil. policy for other reasons since the price is relatively minor in return for the coverage.

[milee]

My husband regularly gives me grief because our insurer at the time refused to issue us an umbrella policy. Was it because we have more weapons than the local armory? Nope - apparently those aren't a problem. The problem was that they also insured one of my sailboats and knew I raced it - and racing sailboats was apparently on the short list of super-dangerous activities that caused an automatic blanket denial.    So of course DH loves to say things like "I'm going to go shoot off a couple thousand rounds with my drinking redneck buddies... be really, really careful when you're at the dock of the yacht club!  Sheesh, if you'd give up that ridiculous, dangerous hobby maybe we could get insurance!"  Me:    ( I really need to come up with a better response than muttering, "shut up!")

[mollyanna58]

Oct 28, 2016 14:23:08 GMT -5 alabamagal said:

You are overanalyzing!

Decide if umbrella policy is needed, primarily if you need it to protect your assets.

With your children, it becomes more complicated when they turn 18.  Usually homeowners covers their belongings when they are in a dorm, but not if they live in an apartment.  Not sure about umbrella insurance and a child who is off at school.  

If the child is still a legal resident of your household, yes, the umbrella will still cover.  If the child has established residency elsewhere, to get in-state tuition rates or whatever, then no, the umbrella will not cover.

[mroped]

Your son just bought a gun right?
That IS you umbrella!

[alabamagal]

Oct 28, 2016 15:21:53 GMT -5 mollyanna58 said:

Oct 28, 2016 14:23:08 GMT -5 alabamagal said:

You are overanalyzing!

Decide if umbrella policy is needed, primarily if you need it to protect your assets.

With your children, it becomes more complicated when they turn 18.  Usually homeowners covers their belongings when they are in a dorm, but not if they live in an apartment.  Not sure about umbrella insurance and a child who is off at school.  

If the child is still a legal resident of your household, yes, the umbrella will still cover.  If the child has established residency elsewhere, to get in-state tuition rates or whatever, then no, the umbrella will not cover.

When kids go away to college, defining where their residency can depend on who you ask.  Residency for college tuition purposes was established when my son started college 4 years ago and did not change when I moved.  My son has an apartment in GA, he has a GA DL and is registered to vote in GA.  His car is registered in AL and his car insurance is in AL.  He has worked in both states at various times of the year and filed tax returns in both states  I don't remember which address we used.  According to the IRS he is my dependent this year, but I don't think he will be next year since he graduates in June.  I have no idea if he is covered under my umbrella insurance.

Once he graduates and gets a real job we will get everything registered in one place.

[Bluerobin]

Join the NRA, they offer a small policy free to members.

[mollyanna58]

Oct 28, 2016 16:07:22 GMT -5 alabamagal said:

Oct 28, 2016 15:21:53 GMT -5 mollyanna58 said:

When kids go away to college, defining where their residency can depend on who you ask.  Residency for college tuition purposes was established when my son started college 4 years ago and did not change when I moved.  My son has an apartment in GA, he has a GA DL and is registered to vote in GA.  His car is registered in AL and his car insurance is in AL.  He has worked in both states at various times of the year and filed tax returns in both states  I don't remember which address we used.  According to the IRS he is my dependent this year, but I don't think he will be next year since he graduates in June.  I have no idea if he is covered under my umbrella insurance.

Once he graduates and gets a real job we will get everything registered in one place.

IMO he would not be a household member and not covered by your umbrella, but ask your agent.

[TheOtherMe]

I have a $1 million dollar umbrella policy and I would not own a gun.  It's just that people are sue happy and I don't want to lose my home.

[Artemis Windsong]

Yes.

There was a tragic fatal accident at a local gun range last week with a 14 y.o. girl.  I have no details.  There is video surveillance.

[myrrh]

How much do you all pay for umbrella insurance? I am thinking of getting a quote and would like to know a range of reasonable cost. 

[mollyanna58]

It depends on your location, the number of homes and rentals you have, the number of cars, and usually young drivers.  My $1,000,000. umbrella runs about $175.00 annually for one house, one rental, and one car, no young drivers.  $2mil would be about 50% more.

[zibazinski]

I own 3 guns and have no umbrella policy.

[CCL]

Oct 31, 2016 21:06:43 GMT -5 mollyanna58 said:

It depends on your location, the number of homes and rentals you have, the number of cars, and usually young drivers.  My $1,000,000. umbrella runs about $175.00 annually for one house, one rental, and one car, no young drivers.  $2mil would be about 50% more.

That sounds about right. Get some quotes because I found out you could lower the liability limits for auto and home, but add the umbrella policy and the total price was less with much higher overall liability coverage.

[Deleted]

Oct 31, 2016 16:48:08 GMT -5 myrrh said:

How much do you all pay for umbrella insurance? I am thinking of getting a quote and would like to know a range of reasonable cost. 

I pay $80/year through State Farm for 1 million.  I think they have a deal on umbrella if you have homeowners and auto with them.

[mollyanna58]

Oct 31, 2016 22:27:10 GMT -5 CCL said:

Oct 31, 2016 21:06:43 GMT -5 mollyanna58 said:

That sounds about right. Get some quotes because I found out you could lower the liability limits for auto and home, but add the umbrella policy and the total price was less with much higher overall liability coverage.

You can't lower the primary limits too much. Most umbrellas require that the primary be at least 100,000/300,000/50,000 or 300,000 CSL for auto and 300,000. for Homeowners/personal liability. 

[andi9899]

Anyone who has assets should have an umbrella. In the sue happy world we live in, you almost can't afford not to have one.

[Bob Ross]

I don't know why you'd want to insure an umbrella, unless your plan was to shoot holes in it. 

[Tiny]

Oct 31, 2016 16:48:08 GMT -5 myrrh said:

How much do you all pay for umbrella insurance? I am thinking of getting a quote and would like to know a range of reasonable cost. 

As noted it depends on the location/assets covered. I've got a 1mil umbrella that covers my house, 2 rental houses (one in Florida (hurricane threat)) and a car.   No dogs and no kids. I Pay $250 a year for it (probably be a lot less - if I didn't have the Florida condo.     I still think it's a good value - as I have enough assets that I feel the protection is worth it. 

If I just had my middle of the road house and car to insure I wouldn't have the umbrella.

[milee]

Nov 2, 2016 17:20:17 GMT -5 Tiny said:

Oct 31, 2016 16:48:08 GMT -5 myrrh said:

How much do you all pay for umbrella insurance? I am thinking of getting a quote and would like to know a range of reasonable cost. 

 I've got a 1mil umbrella that covers my house, 2 rental houses (one in Florida (hurricane threat)) 

Be sure you really understand what this covers.  I live in FL and have never heard of an umbrella policy that covers hurricane damage.  Hurricane damage is usually covered by a combination of wind (which can and should be part of your general homeowner's insurance in Fl, but you still need to confirm because some exclude it or hurricanes) and flood (which is completely separate from general homeowner's insurance) insurance.  It's complicated stuff especially since sometimes there's really no way to tell if the damage was caused by the wind or the flooding; there are some horror stories about people who's homes are totally wiped out in a hurricane but neither their homeowner's nor their flood policy will pay because they each point the finger at the other cause/policy.  Ie - the flood policy says it wasn't the flood that caused the damage it was the wind and the wind/homeowner's policy says it wasn't the wind that caused the damage, it was the flood.  Very frustrating.  

In any case, since you may not live in an area where you have to deal with this BS, just wanted to let you know your umbrella is unlikely to cover any hurricane related damage or issues.

[mollyanna58]

Milee is correct.  Umbrellas are excess liability coverage; they pay for catastrophic liability claims after your basic auto or homeowners policy liability limit is used up.  Umbrellas do not provide coverage for damage to your property.