Umbrella policy for homeowners

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Posted: Mon May 11, 2009 6:37 am Post subject:

Hi Kelvin If you do not have standard HO policy.. and you have a mortgage... your mortgage company will put you on an unbrella policy.. all they will do is request you to send in the policy details if you have an HO, they will send you about 2-3 letters asking for the policy details.. and if you fail to provide those details then they will place an unbrella policy... As i also said when you have a mortgage.. the mortgage co. also has equal interest in you property and to cover them from RISK they put you on a ubrella policy...

New member

Joined: 25 Feb 2009
Posts: 25

9.78 Dollars($)

Posted: Mon May 11, 2009 10:36 am Post subject:

DJ: I guess Umbrella insurance is designed with the purpose of adding more of liability coverage with home owners or auto insurance. It reimburses you for the medical bills, wages lost and the rehabilitative therapy as a result of the negligence of the at-fault party. Am I correct? Steven

steven

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Joined: 02 Feb 2006
Posts: 1020

155.47 Dollars($)

Posted: Tue May 12, 2009 9:18 am Post subject:

Okay DJ,

Quote:

If you do not have standard HO policy.. and you have a mortgage... your mortgage company will put you on an unbrella policy..

Are you then required to pay more on the coverage than the standard rate? And, would this policy cover all the perils that are covered under the standard HO policy?

kelvin

Senior member