General Premises Liability Insurance

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Krich

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Does anybody have "General Premises Liability Insurance" on their property?

The real estate attorney that looked over the closing paperwork on my land purchase said I should look in to getting this in case anybody ever got injured on my property.

Any idea how much something like this costs per year?

And, any idea of which insurance companies would be good to talk to?
 

havasu

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It was included in my homeowners insurance policy. For raw land, you may have better/cheaper coverage by getting a $1M umbrella policy. They aren't that much.
 

havasu

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A $1 million umbrella policy costs around $150 to $300 per year, with the cost increasing a small amount for every additional million. As with any insurance policy, your exact price will depend on individual risk factors, including the number of people in your household and how many cars and properties you own.

A $2 million umbrella policy will cost about $75 more than a $1 million policy, by the way. Every additional million in coverage after that will add about $50 to the total cost.

Umbrella insurance provides liability coverage beyond the limits of an auto or personal property policy. For instance, policyholders can file an umbrella insurance claim if they are at-fault in a car accident that causes damage beyond their car insurance limits. Most umbrella policies also cover claims for things like libel, slander, and accidents that occur abroad.
 

Krich

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Good to know, thanks!

Any recommendations on what insurance companies would be good to work with?

Insurance is a slimy bidness as I hear some insurance companies are known for going out of their way to not pay claims which leaves the policy holder liable to pay claims

If anybody know of any insurance companies that have a good reputation please let me know.
 

havasu

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My dad was an independent insurance business owner. You are correct. There are too many shady companies around. I once purchased boat insurance and reading the fine print, they were allowed to replace with USED PARTS. I myself would shop at any local independent agents, because they have a great selection of companies they represent and will shop for you to get the best bang for your money. Then again, if you already have home or car insurance, they have the ability to give you a multi-policy discount.
 

Krich

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Well, I have carried a renter's insurance policy since around 2005 which got started back when we lived in an apartment and wanted to put dish network's dish on our back porch railing which the apartment complex would not allow until we got renter's insurance.

But, the policy is only for 100K

I guess I could call them... I hate this insurance crap cause they ask 101 questions many of which really isn't any of their bnusiness and is not related to getting a policy... things like "do you own guns?" and other asinine questions.

My auto insurance is with Gieco, so I guess I could call the little lizard and see if they offer General Premises Liability Insurance
 

68bucks

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I have a $1 million umbrella policy with Jake from State Farm. Don't recall the premium amount but it's not very much as stated above. I switched to State Farm after my Bil & SIL's house burned down a few years back. Seemed like they treated them pretty well. But at the end of the day I figured it's an insurance company and they will do their best to not pay you. There is no profit in payouts.
 

Krich

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I've heard for years about people having issues with State Farm not wanting to honor their policies where they either deny claims outright due to some technicality or they only honor part of the policy due to some technicality

Then people would have to sue State Farm in court to get them to honor their policy.

It might be worth while to hire an attorney that specializes in insurance to study the fine print of any policy before signing on.

That's one of the thing I had heard about State Farm is they put cute little tricks in their policy agreements that give them a few open doors to not have to honor their policy
 

Krich

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I know I'll be asking a lot of questions from whoever I sign with and documenting their answers... that way if something goes awry the hope is my conversations with them will help my case if it has to go legal.

Sales people love to make promises that are not actually in their company's agreement and this can work in the consumer's favor.
 

68bucks

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I'm sure if you search you can find someone has had an issue with every single insurance company out there. I had a claim with my wife's car and they paid quick and no hassles. As I mentioned my in laws had good luck with their claim. Your results may vary.
 

Krich

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Yeah, it's the "Your results may vary" part that is worrisome
 

68bucks

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Haha no kidding. Remember insurance companies are not in business to pay your claim they are in business to minimize it. Home, auto, boat, E&O, all the same. Probably a lot harder to deny a life insurance claim.
 

havasu

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Probably a lot harder to deny a life insurance claim.
Unless they can articulate that this death was, could have, or probably deemed a suicide. Then, again, depending on the fine print, can withhold payment.
 

tomtheelder2020

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As to cost, as least with Allstate, you will have to increase your auto liability to the maximum before they will issue an umbrella policy. Well worth doing, in my opinion, if you have assets to protect.
 

havasu

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Tom is correct. You will need to increase your limits in order to acquire the umbrella policy.
 

ekrig

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Remember insurance companies are not in business to pay your claim they are in business to minimize it.
Insurance is one of those areas in which "you get what you pay for" applies.
Auto insurance (I think that other coverages as well but I'm not sure) is heavily regulated and premium rate increases need to be approved by each state's regulatory agency. The profit percentage is also capped by those regulatory agencies. Insurance companies make money by number of policies they sign, not the paying or not of claims. However, they try to reduce if and when they pay claims to reduce their risk and allow them to have lower premiums which attract more customers.

You might want to look at the claim satisfaction to decide:
2022 U.S. Property Claims Satisfaction Study
I remember at one point asking for a quote from Amica insurance, the highest ranked in that list. Although I heard many good things about them, their premium was double of that from the company I went with...
 

Krich

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You might want to look at the claim satisfaction to decide:
2022 U.S. Property Claims Satisfaction Study
I remember at one point asking for a quote from Amica insurance, the highest ranked in that list. Although I heard many good things about them, their premium was double of that from the company I went with...

So who did you end up going with?

Maybe I should go with Nationwide so I only pay for what I need.... during years when I don't have a claim my bill should be zero
20bill_anim.gif
 
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