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Old 11-15-2013, 11:28 AM   #21
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In that case the $1,250 seems reasonable.

If you have significant wealth, IMO umbrella is essential. You can pay for it with your savings on other insurance coverage you are considering.

Thnaks, that sounds like a plan.

My net worth is close to $2M if you include the house so maybe I could get a $2m OR $3M umbrella policy.

I'm going to get rid of all the optional coverages on my car policy for collision etc as I have it paid off and that will pay more than for the umbrella policy. I'll also look at increasing the deductible on my home owners policy to see if I can save a few hundred there.
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Old 11-15-2013, 11:33 AM   #22
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As one data point, I got my homeowners renewal today and managed to drop the premium from $985 to $794 by going from a $1,000 to a $5,000 deductible.

Also, I have a $5,000,000 umbrella policy that work pays for, which is nice.
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Old 11-15-2013, 11:46 AM   #23
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Thnaks, that sounds like a plan.

My net worth is close to $2M if you include the house so maybe I could get a $2m OR $3M umbrella policy.

I'm going to get rid of all the optional coverages on my car policy for collision etc as I have it paid off and that will pay more than for the umbrella policy. I'll also look at increasing the deductible on my home owners policy to see if I can save a few hundred there.
When we purchased our umbrella policy, we had to increase our auto liability limits to 300k/500k. The extra cost of the increased auto liability limits is as much as the umbrella policy premium. Lots of fraud in Florida and I was told that 86% of all UI payouts are related to auto accidents.

I started the process to purchase UI soon after participating in one of those mock jury trials. It scared the crap out of me to see how quickly a jury award can get close to $1M. A stupid mistake someone makes while driving (no alcohol involved) can mean lifelong issues (and potentially full disability) for the victim. Don't delay getting umbrella insurance!
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Old 11-15-2013, 12:47 PM   #24
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We had a similar thing. We didn't have to increase our base policy limits but it was cheaper to increase the base policy limits and buy a commensurately smaller umbrella than to leave our base policy limits alone (since they exceeded the minimums required for the umbrella) and have a slightly bigger umbrella. Same carrier. Go figure.
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