Umbrella Insurance Explained: What It Is, What It Covers, and Who Needs It

What is umbrella insurance and how does it work? What does umbrella insurance cover? Do I need umbrella insurance? These are all great questions that I answer for you in this video.
➡️ Life Insurance Quotes: moneydoneright...

[@kev-othegamer]

Thank you, very helpful.

[@annmelendez1898]

Where or who would I go to in order to get umbrella iins.

[@btjbtj4400]

I love it Logan. Any particular company you will recommend for umbrella insurance? Thanks

[@alinatamashevich3354]

RLI

[@samgrieg]

@@alinatamashevich3354 why rli?

[@alinatamashevich3354]

@@samgrieg Excellent rating, can get them added onto existing policies. LOW cost! I have them, very satisfied.

[@ZAIRGAS_HAVEN]

Idk why your video sounds i can hear just from my right earbud piece not from both

[@kevinpyne5808]

Would an umbrella policy protect my home if sued as a result of a friend's action as driver of a leased vehicle? I am the lessee, she is the co-lessee.

[@corbanclyffe]

Great video Logan. You laid out information that was succinct and provided a practical view through your examples. Much appreciated!

[@LoganAllec]

You're welcome, Steven! I'm glad these older videos of mine are still being seen and adding value.

[@corefishing4858]

The problem is in a state like NV people don't even carry auto insurance because they can't afford it, let alone getting umbrella.

[@LoganAllec]

Wow, NV lets people drive cars without carrying auto insurance?

[@corefishing4858]

@LoganAllec no but a ton do because it's SO Expensive

[@raymondfurgason8959]

I like how the examples are completely random scenarios. 👌🏼 well explained

[@TrishaRico]

If I do side work for someone as a sole practitioner and they say that what I did burned down their house, would this insurance cover me?

[@AbenaaTriesBeauty]

That entire example had me at hello. I’m getting this

[@MARI4528]

What if I co-own property such as, rentals, recreational vehicles, land. Am I still eligible and do I also have to include co-own property?

[@DannyPerry160]

Unless I'm misunderstand this, getting umbrella insurance to match your net worth still doesn't ensure your assets with be fully protected. Say a person has a net worth of $2 million and they get coverage for that amount. If you get hit and lose a lawsuit for, say, $4 million, the insurance company will cover that first $2 million. You'll then be on the hook for the other $2 million. Am I missing anything?

[@hypocritekiller4900]

Yeah, but what would cause someone to be liable for freaking $4 million?

[@PantsStatusZero]

@@hypocritekiller4900 lying about sandy hook? 🤷

[@marcusbailey7900]

I think you are missing something. In your example, you normal insurance policy should be enough to cover the first $2M. Then the umbrella insurance will kick in to cover the other $2M. Now your $4M lawsuit will be completely covered by your normal insurance policy and the umbrella policy without you taking a hit to your personal assets. I hope my explanation helps.

[@MARI4528]

Does Umbrella Insurance have a deductible?

[@Jimbo12880]

thank you

[@LoganAllec]

You're welcome.

[@lbco5229]

Good info. Thank you.

[@LoganAllec]

You're welcome!

[@mollypitcher9380]

Thanks!

[@LoganAllec]

You’re welcome!

[@Shablyas]

Great info; thanks for taking the time to make a vid!

[@Akyomi]

You lost all credibility with me when you said "spank that like button".

[@samgrieg]

Will umbrella insurance protect landlords against discrimination lawsuits by applicants?

[@murkatata6640]

No response unfortunately 😢😅

[@anthonys5568]

Great laydown of the issue. Thanks!

[@sudakara2388]

Can umbrella insurance covers the LawSuits that are older than the Umbrella policy purchase date ?

[@Sweet..letssurf]

Nope

[@Gipsy360]

N-O....NO! 🤦🏽‍♀️