Due to a recent excessive hike on my personal insurance policies, I have been forced to look for alternatives.
Amica seems to have good rates for my Home, and Auto. I've a primary home in Washington and two rental properties in California that would be covered under the Umbrella. I'm looking for an explanation on the following items on their Umbrella policy and another nuance on the Umbrella that they told me about:
1) One of the rentals is in the name of my trust and the second one is in my name. The second one was bought recently and I need to change it to the trust.
My Amica representative says that if the property is in the name of the Trust and if the Trust is sued, then Amica Umbrella wont provide coverage. If however I am personally sued then Amica Umbrella would indeed kick in.
Also if I transfer the rentals into an LLC, then Amica Umbrella wont provide any coverage at all.
2) The Umbrella quote includes a line item - "Loss Assessment Deductible - 50,000$" What does that specifically mean? I have seen this question raised before on this forum, but did not really find an answer posted. My apology if I missed it
#1 is super concerning to me. Having properties in the name of a trust is regular part of Estate Planning. Even having them under LLCs is a good practice to limit liability.
So I obtained Umbrella quotes from RLI and Personal Umbrella based on prior guidance on this forum. Those quote do not ask any questions about Trust/LLC at all. My question to this forum is -- Why does it matter if a property is in the name of a Trust or under an LLC? Would most Umbrella policies have the same exclusion and Amica is just stating it upfront OR is this a specific nuance for Amica only?
3) The PersonalUmbrella policy quote calls out specifically only Coverage A. For Coverage B -- Excess Uninsured and Underinsured motorist, they want to charge extra. I have not seen this break-up in the prior Umbrella policies ever.
One of the purposes of an Umbrella is to protect situations involving Uninsured/Underinsured motorists (after the Auto policy coverages). So my read is that the PersonalUmbrella policy would not cover those situations. Does anyone have insights into this aspect of PersonalUmbrella.com Umbrella policies?
Thank you so much.
Amica seems to have good rates for my Home, and Auto. I've a primary home in Washington and two rental properties in California that would be covered under the Umbrella. I'm looking for an explanation on the following items on their Umbrella policy and another nuance on the Umbrella that they told me about:
1) One of the rentals is in the name of my trust and the second one is in my name. The second one was bought recently and I need to change it to the trust.
My Amica representative says that if the property is in the name of the Trust and if the Trust is sued, then Amica Umbrella wont provide coverage. If however I am personally sued then Amica Umbrella would indeed kick in.
Also if I transfer the rentals into an LLC, then Amica Umbrella wont provide any coverage at all.
2) The Umbrella quote includes a line item - "Loss Assessment Deductible - 50,000$" What does that specifically mean? I have seen this question raised before on this forum, but did not really find an answer posted. My apology if I missed it
#1 is super concerning to me. Having properties in the name of a trust is regular part of Estate Planning. Even having them under LLCs is a good practice to limit liability.
So I obtained Umbrella quotes from RLI and Personal Umbrella based on prior guidance on this forum. Those quote do not ask any questions about Trust/LLC at all. My question to this forum is -- Why does it matter if a property is in the name of a Trust or under an LLC? Would most Umbrella policies have the same exclusion and Amica is just stating it upfront OR is this a specific nuance for Amica only?
3) The PersonalUmbrella policy quote calls out specifically only Coverage A. For Coverage B -- Excess Uninsured and Underinsured motorist, they want to charge extra. I have not seen this break-up in the prior Umbrella policies ever.
One of the purposes of an Umbrella is to protect situations involving Uninsured/Underinsured motorists (after the Auto policy coverages). So my read is that the PersonalUmbrella policy would not cover those situations. Does anyone have insights into this aspect of PersonalUmbrella.com Umbrella policies?
Thank you so much.
Statistics: Posted by asterix007 — Sat Apr 06, 2024 12:31 pm — Replies 0 — Views 107