It is nearly impossible to get umbrella insurance if you aren't otherwise covered. That is, umbrella insurance is meant to be a top up and often has phrasing that excludes whatever the underlying insurance excludes. We had to increase the limits on our auto insurance to be eligible, but even then it would exclude any boat that wasn't our own because our boat insurance explicitly states that.Would you mind sharing your findings here when you look into homeowners/renters, auto, and umbrella insurances? I may want to be in a similar situation in a year or two and I'm trying to figure this out. I'm mainly concerned about the liability coverage these policies provide but I'm also concerned about being able to satisfy the legal requirements for automobile insurance.The other insurance aspects are something I'll need to think more about.
It's my understanding that you won't be able to have a homeowners/renters policy unless it's a very brief homeless period (say a month or less) where you're essentially just moving from one location to another. Apparently a few months or more of being a homeless nomad is not acceptable for that kind of policy. It also seems to be questionable whether you can have an auto policy. The insurance companies want to know the primary location where the car is kept and you won't have one. But I also want to emphasize that these are my understandings based on somewhat limited research and are not to be chiseled in stone.
I mentioned earlier the possibility of getting a personal liability policy to take the place of the liability coverage that your homeowners/renters policy provides. I guess (maybe?) it could also take the place of the liability coverage that your auto policy provides...however, another question would be whether that would satisfy the legal requirements for automobile insurance (the law requires you to have particular levels of auto insurance and it varies state to state). And, of course, that type of policy would not cover damage to your car caused by you or by an uninsured/underinsured driver, so you would have to be comfortable self insuring for that (which could require you to buy a new car).
These types of insurance seem to be the biggest obstacle to becoming a non-RV nomad in the United States (RV nomads have insurance options that non-RVers don't have).
Statistics: Posted by sailaway — Thu Jul 11, 2024 3:11 am — Replies 17 — Views 2241
