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How Many Here Have Umbrella Liability Coverage?
Old 07-06-2018, 05:54 AM   #1
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How Many Here Have Umbrella Liability Coverage?

With all the assets we all,work so hard to accumulate for retirement, an umbrella policy would seem to make sense. I can imagine that a personal injury lawyer would go after those assets vigorously.

Do you maintain a policy and if not, why? I am considering buying coverage however it is another expense to add to a tight budget in retirement.
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Old 07-06-2018, 06:01 AM   #2
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Yes, many here have umbrella coverage.

Do a search on "umbrella" here and you'll find quite a few threads with discussion of the pros and cons.
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Old 07-06-2018, 06:04 AM   #3
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Most everyone who is financially sound has an umbrella policy. Its cheap for the amount of coverage you can get.

We have a $1million policy...which makes sense since we have around that in NW. I think we pay around $120/year. Not sure if age has anything to do with it...we're 34/35 (I dont believe it does.)

When our NW increases ill buy more coverage. Just another piece of mind.
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Old 07-06-2018, 06:09 AM   #4
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Yes, $2 million for ~$500/year.

High because of an "inexperienced driver" on the policy.

Our state lets insurers penalize any new driver (teen or otherwise) for the first 3 years on both auto & umbrella policies.
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Old 07-06-2018, 06:20 AM   #5
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If your budget is that tight maybe you aren't ready for retirement?

Yes, I have it.
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Old 07-06-2018, 06:24 AM   #6
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Old 07-06-2018, 06:25 AM   #7
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Yup... my insurer has $2 million reasons to provide me with a vigorus defense should I be sued... costs me $341 last year.... cheap peace of mind.
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Old 07-06-2018, 06:28 AM   #8
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Yep. Several million worth. Around $250 year for a household of two 50 somethings.
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Old 07-06-2018, 06:33 AM   #9
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Yes $2M
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Old 07-06-2018, 06:44 AM   #10
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We have 2mm which at 600 per yr is more expensive in FLA.
I would guess more folks on this forum have it than not.
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Old 07-06-2018, 06:47 AM   #11
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Yep. 2MM in umbrella coverage. NW is considerably higher, but I figure 2MM provides a big enough cushion for a meaningful payment of a verdict or settlement. Since 90% of all cases settle, 2MM is likely to be enough to satiate most plaintiffs and their lawyers. It is also high enough to cover the cost of my defense.
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Old 07-06-2018, 06:49 AM   #12
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Yes $2M @ ~$400/yr.
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Old 07-06-2018, 06:51 AM   #13
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Yes, and you may be required to raise the limits on other areas of your coverage to add it.
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Old 07-06-2018, 06:54 AM   #14
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Yep. 2MM in umbrella coverage. NW is considerably higher, but I figure 2MM provides a big enough cushion for a meaningful payment of a verdict or settlement. Since 90% of all cases settle, 2MM is likely to be enough to satiate most plaintiffs and their lawyers. It is also high enough to cover the cost of my defense.
Some folks advocate for not only covering assets, but future income streams that can be attached in a settlement.
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Old 07-06-2018, 06:56 AM   #15
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Yes. $2M
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Old 07-06-2018, 07:40 AM   #16
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Approx. equal to our NW.
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Old 07-06-2018, 07:49 AM   #17
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Peace of mind for a few hundred a year. It's a no brainer.
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Old 07-06-2018, 07:53 AM   #18
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Anything special to look for in a policy, or are they all pretty much the same.
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Old 07-06-2018, 08:01 AM   #19
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Approx. equal to our NW.
Do you have much money in 401ks and IRAs? They are pretty much protected from lawsuits.

As an aside, I don't let too many people know I have an umbrella policy.
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Old 07-06-2018, 08:16 AM   #20
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Originally Posted by COcheesehead View Post
Some folks advocate for not only covering assets, but future income streams that can be attached in a settlement.


How is that done?
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