Hunting Land - Insurance

Agreed with others here, that if someone is buying dedicated second property, they generally have assets to protect. Also agreed there can be differences in policy coverages / exclusions that could be important to know about.

Here are some items you may wish to clarify:

a) Are you and your agent talking about an Umbrella Policy or an Excess Liability policy?
- Some use the terms interchangeably but there are differences....generally advantages to Umbrellas.
- The advantages may or may not be something you care about...Your agent would need to help there.

b) Both types of policies will require "minimum underlying limits" to be carried for all your other personal policies.
- i.e - "we require your other policies to pay up a certain mandatory level first.... then we kick in."
- your regular policies may need to have limits increased to satisfy the underlying limits
- this could include the homeowners, auto, and others

If you only carry 100,000 liability on your primary homeowner policy, you will probably need at least 3x that to satisfy the umbrella / excess policy underlying limits requirement. An umbrella often requires an auto policy to provide 250,000 per person / 500,000 per accident / 100,000 property damage or more. So, you might have costs above just the umbrella / excess liability policy premium.

While I suppose you might consider just raising your homeowner liability to maybe $500,000.....my thought would be to ask your agent shop your full insurance account, including the addition of an umbrella.

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Hunting Land - Insurance