No permanent home, overseas visits, ineligible for umbrella

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TheGreyingDuke
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No permanent home, overseas visits, ineligible for umbrella

Post by TheGreyingDuke » Fri May 31, 2013 11:26 am

I was taking action to obtain an umbrella policy to protect our mid- seven figure assets. I called Geico which has our auto insurance and was told I could not be covered for two reasons:

1) We are out of the country for more than three months each year

AND

2) For the past year, we have had no permanent abode; this summer we are renting for three months, then off to China, back in February for a place unknown.

I think #2 can be handled somehow, but #1 seems insurmountable with Geico at least. Any suggestions??
"Every time I see an adult on a bicycle, I no longer despair for the future of the human race." H.G. Wells

robjer
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Re: No permanent home, overseas visits, ineligible for umbre

Post by robjer » Fri May 31, 2013 11:59 am

What we did:
Nov 2011 bought a 2-bed Fannie Mae-owned condo in Branson, MO on a golf course and lake for $38,000 and now have a home base to come back to and declare as a residence. Can't get the same deal, but in these type of mixed condo, single family, & townhouse resort communities there will still be some bank-owned properties or short-sells.

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kramer
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Re: No permanent home, overseas visits, ineligible for umbre

Post by kramer » Fri May 31, 2013 12:07 pm

What exactly are you trying to insure with your regular (non-umbrella) insurance? Do you own a home in the USA? Do you own vehicles there or do you have a non-owner policy?

letsgobobby
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Re: No permanent home, overseas visits, ineligible for umbre

Post by letsgobobby » Fri May 31, 2013 2:09 pm

You might try calling Chubb.

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jeffyscott
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Re: No permanent home, overseas visits, ineligible for umbre

Post by jeffyscott » Fri May 31, 2013 7:18 pm

robjer wrote:What we did:
Nov 2011 bought a 2-bed Fannie Mae-owned condo in Branson, MO on a golf course and lake for $38,000...
Surely, you didn't do this just to qualify for an umbrella policy?
press on, regardless - John C. Bogle

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sperry8
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Re: No permanent home, overseas visits, ineligible for umbre

Post by sperry8 » Fri May 31, 2013 7:23 pm

I travel like you and I have a renters insurance that covers all my stuff worldwide. I maintain a US address via a UPS Box here in the states. UPS (unlike the Post Office) allows you to show a street address, which many assume is where you live. As such, you can provide it to all your banks, etc., as place of residence.

No one is ready for a world traveler without a home address. Even though we pay Fed taxes and State (to the state where the box and/or where your stuff is).

Good luck.
Humbling BH contest results: 2017: #516 of 647 | 2016: #121 of 610 | 2015: #18 of 552 | 2014: #225 of 503 | 2013: #383 of 433 | 2012: #366 of 410 | 2011: #113 of 369 | 2010: #53 of 282

retirementandpf
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Re: No permanent home, overseas visits, ineligible for umbre

Post by retirementandpf » Fri May 31, 2013 8:36 pm

I am also planning to live overseas for an extended period of time starting this summer. I have just signed up with an online mailbox service who provides a street address. I filled out USPS Form 1583 – Delivery of Mail Through Agent so I think that covers the address issue.

letsgobobby
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Re: No permanent home, overseas visits, ineligible for umbre

Post by letsgobobby » Fri May 31, 2013 9:28 pm

I think we need a separate thread about all you world travelers, your adventures, your strategies.... totally envious! Congratulations.

retirementandpf
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Re: No permanent home, overseas visits, ineligible for umbre

Post by retirementandpf » Fri May 31, 2013 9:46 pm

letsgobobby wrote:I think we need a separate thread about all you world travelers, your adventures, your strategies.... totally envious! Congratulations.
I just posted a question similar to this topic.
http://www.bogleheads.org/forum/viewtop ... st=1709631

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TheGreyingDuke
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Re: No permanent home, overseas visits, ineligible for umbre

Post by TheGreyingDuke » Sat Jun 01, 2013 12:12 pm

OP here, we do have a mailbox at a local storefront, they are great at forwarding/scanning and emailing looked for mail as needed. I We do pay taxes here in Vermont ad fortunately the state has a provision that allows our legal residence to be maintained at our last permanent in state abode as long as we haven't established any other residence within the US. This allows s to vote in state, rather than going with the Federal only option that some ex-pats use.

One of the questions Geico asked was if I had been turned down for insurance in the past three years and I wonder if, when shopping further, I need to answer in te positive since Geico in effect, turned me down.
"Every time I see an adult on a bicycle, I no longer despair for the future of the human race." H.G. Wells

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frugaltype
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Re: No permanent home, overseas visits, ineligible for umbre

Post by frugaltype » Sat Jun 01, 2013 12:47 pm

Would the umbrella policy cover stuff that happens overseas? What does happen in terms of legal stuff if a U.S. citizen causes or is alleged to have caused damage outside the U.S.?

When you're in the U.S., do you stay more or less in one place?

I follow several house blogs, and houses in the middle of the U.S. are practically free compared to the coasts. You could pick up a nice Victorian as a base. Some day you might want to retire to it. Or a house in a university town, I can see that.

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backofbeyond
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Re: No permanent home, overseas visits, ineligible for umbre

Post by backofbeyond » Sat Jun 01, 2013 2:59 pm

When we had car/renters insurance with Geico a few years back, got something in the mail saying they'd provide free unbrella insurance up to $1M...and to call to apply. So I called, they had me list out assets, which I did, sent back the form and then subsequently we were told we didnt qualify. When pressed for details they said because our vacant lots weren't fenced. Thus their reasoning is someone could come on to it, break their neck and sue. :shock:

Ok, whatever. Needless to say we arent with GEICO anymore.
The question isn't at what age I want to retire, it is at what income. - George Foreman

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TheGreyingDuke
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Re: No permanent home, overseas visits, ineligible for umbre

Post by TheGreyingDuke » Sat Jun 01, 2013 5:44 pm

frugaltype wrote:Would the umbrella policy cover stuff that happens overseas? What does happen in terms of legal stuff if a U.S. citizen causes or is alleged to have caused damage outside the U.S.?

When you're in the U.S., do you stay more or less in one place?

I follow several house blogs, and houses in the middle of the U.S. are practically free compared to the coasts. You could pick up a nice Victorian as a base. Some day you might want to retire to it. Or a house in a university town, I can see that.
I was told that the 3 month limit on overseas stays was because of the worldwide coverage afforded. This is the key to their denial for me; I can have a US address, I can "rent" an abode, but the 3 month limit is the disqualifier.
"Every time I see an adult on a bicycle, I no longer despair for the future of the human race." H.G. Wells

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frugaltype
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Re: No permanent home, overseas visits, ineligible for umbre

Post by frugaltype » Sat Jun 01, 2013 7:44 pm

backofbeyond wrote:When we had car/renters insurance with Geico a few years back, got something in the mail saying they'd provide free unbrella insurance up to $1M...and to call to apply. So I called, they had me list out assets, which I did, sent back the form and then subsequently we were told we didnt qualify. When pressed for details they said because our vacant lots weren't fenced. Thus their reasoning is someone could come on to it, break their neck and sue. :shock:

Ok, whatever. Needless to say we arent with GEICO anymore.
Years ago, Geico was running some promotion for which I seemed to qualify. I applied, got told no, never became or intend to become a customer.

My vacant lots are not fenced. AMICA never even asked me about that.

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sperry8
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Re: No permanent home, overseas visits, ineligible for umbre

Post by sperry8 » Fri Jun 14, 2013 3:04 pm

If you are a USAA member, they will underwrite an Umbrella policy if you are a US citizen, regardless of how long you spend traveling outside the country.

I'm not sure they'd still cover you however if you permanently change your residence to another country.
Humbling BH contest results: 2017: #516 of 647 | 2016: #121 of 610 | 2015: #18 of 552 | 2014: #225 of 503 | 2013: #383 of 433 | 2012: #366 of 410 | 2011: #113 of 369 | 2010: #53 of 282

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