Walaby wrote:
So are you saying that my homeowners insurance will cover my liability while Im out 'part timing' in my RV? I honestly had not thought about it.
That's my understanding, but I'm not a part-time RVer with homeowner's insurance so I haven't looked into it other than to read other people's discussions.
The impression I have is that homeowners insurance covers all sorts of stuff that you wouldn't think it would.
Walaby wrote:
I thought I needed some sort of umbrella liability policy that cover 'stuff' other than my regular automotive policy and homeowners... I get that if someone has an accident at my house they are covered, but I hadn't thought to double check to see if it covers me when Im in my home away from home.
I'm obviously no insurance expert (but I'm learning fast, thanks to Geico), but when people talk about fulltimer liability, it's always in terms of a substitute for the coverage that other people in RVs have through their homeowner's insurance.
I'm not sure there is such a thing as an "umbrella liability policy," if you mean a policy that provides just liability coverage.
My understanding is that umbrella policies
increase your coverage limits, but aren't stand-alone insurance. In fact, they generally require you to have certain levels of coverage in place before they'll issue an umbrella policy. They just up the coverage you otherwise have.
What I don't really understand about umbrella policies is how they really protect your assets. The typical number thrown around is $1 million. So your coverage is increased to $1 million of insurance instead of $250,000, for example. But if someone sues you for $3 million, you're exposed to the tune of $2 million even with your umbrella policy.
I just don't see what's so magic about the $1 million number.
