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RV Insurance limits

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The REAL question is, rhetorically, what is your total net worth.  If you have a net worth of over a Million and you don’t have a separate Umbrella policy, then in today’s litigious society, your bottom is not protected.

Many of us will have a separate “Umbrella Policy” that covers us no matter what the circumstances.  I use an independent agent and he shops and compares.  We combine our Auto and Home policies with one company.  Then the MH is with another as the Home/Auto company is significantly higher.

We keep the limits of coverage on the Home/Auto and MH policy as low as we can get them.  If we went with the very LOWEST, then the Umbrella Policy would not be written.  So, one needs to shop or have a savvy agent.  Ours looks at what the minimum limits or coverage is for out “Other” policies (Home/Auto & MH).  Then he looks at the total premiums for them.  So, we typically have to kick up a coverage limit on the Home/Auto and keep the MH insured for its value, but the liability is low….but the umbrella protects us and we protect our total assets.

That’s my take on it and I know many here, from offline conversations, do the same.  It is a matter ot first knowing what your net worth is….and then setting that as the policy amount.  But, you have to meet the minimum on the base coverage for all your  other “primary” policies…..which are typically…Auto, Home and MH….unless you have a boat or something else.  When we had a boat and a MH, we did the same.

Do some research.  Advising you which one to take without the big picture, which is confidential, can’t, in my opinion, be done here.  We have used our independent agent, who has been our friend and also our “consultant” for 44 years.  We also have a cousin that was a successful “owner” of a major Franchise insurance agency with a company that you would immediately recognize.  He said that he did not have the latitude to do what our independent was doing and that we were getting great value.  We used name brand companies like “The Hartford”, so this was not a fly by night scheme using low capitalization companies.

Good Luck…

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I keep my insurance #’s higher and have the Umbrella policy. 

The part that would concern me is if I am in an accident with the Monaco - it is so large and heavy- and other cars are cheap tin can’s My rig could do some serious damage and cause significant medical bills. 

Good Luck with your decision 

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