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Old 10-11-2016, 08:47 AM   #21
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As it is, if I cause someone's serious injury or death, they've hit the friggin' lottery..

Well maybe the person's lawyer who you seriously maim or kill hits the "friggin' lottery", but I hardly think the victim does. Just saying...


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Old 10-11-2016, 09:08 AM   #22
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Well maybe the person's lawyer who you seriously maim or kill hits the "friggin' lottery", but I hardly think the victim does. Just saying...
Well, I certainly agree on the lawyer part. And, while I diligently have tried to avoid killing or maiming anyone (knock wood, I've had only a few fender-benders in my driving history), I'm thinking mostly of the vast majority of drivers who carry the bare minimum or none at all. My parents were hit by a driver with no insurance, a suspended license and open containers of alcohol in the car. They needed to be checked in the hospital and Medicare covered it, but Medicare would not have covered pain and suffering that a jury might have awarded had the accident been worse. If I cause serious injury or worse, there's plenty of $$$ for pain and suffering.
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Old 10-11-2016, 09:27 AM   #23
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OP here. I ended up going with $5m for $906 per year. For first $5m it is $182/million/year. After that it is $500/million/year topping out at $3406 for $10m liability.

They also lowered my auto rates by $72 per year as a result of some multi policy discount so net to me for $5m in coverage was $834 per year.
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Old 10-11-2016, 09:54 AM   #24
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We have $10 million. Just over 50% of NW. Have been told a larger policy would require getting more than one company to write because most won't do larger individual policies. Haven't visited that issue in a number of years. Cost is about $1,600 a year, just us two on the policy now that the kids have moved out on their own. Small price to pay I think.
We keep 10MM through Lloyds of London. To keep the cost down we have a $10,000.00 deductible. Would have went higher on the deductible but the cost of the policy was not appreciably lower. Our coverage is less than our NW.
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Old 10-11-2016, 10:50 AM   #25
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OTOH, Nationwide required us to increase our homeowner's coverage - I would have to look up by how much. The offset is that the umbrella premium is cheaper, per million of coverage, than the base policy.

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We just increased ours from 2MM to 4MM. One thing we noticed is one can reduce auto and home liability coverage to the minimum when obtaining an umbrella policy so the cost of the policy is offset by a reduction in auto and home premium cost.


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Old 10-11-2016, 06:07 PM   #26
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I diligently have tried to avoid killing or maiming anyone
You've never met my brother-in-law, have you?
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Old 10-12-2016, 05:56 AM   #27
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Interesting.



USAA required the opposite when we purchased an umbrella policy - at least for our auto policies. We had to increase our liability limits to 300/500/100.

We had higher liability on our underlying auto policies, so we got to reduce our liability to 250,000/500,000, while increasing the umbrella from 2,000,000 to 4,000,000. Net additional cost-$33.00. The other great thing is that our auto policies have uninsured motorists coverage, a very important part of auto insurance that many policies don't include. Our umbrella policy includes that same coverage. Uninsured motorists covers a great deal more than being hit by a driver who is not insured or who is underinsured. Out 4MM liability policy costs $633/year.


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Old 10-12-2016, 06:16 AM   #28
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We have $1 million which is roughly equal to our exposure outside of 401(k)s and IRAs but it's probably time to increase to $2 million at this point as our income and non-retirement assets continue to grow nicely. It's cheap coverage anyway.
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Old 10-12-2016, 06:20 AM   #29
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$1 mil. It's enough to slow down the hounds if something bad happens.
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Old 10-12-2016, 07:27 PM   #30
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Old 10-12-2016, 07:32 PM   #31
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Cash buried in a whole life policy is also unattachable.
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Old 10-13-2016, 09:26 AM   #32
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Our $5 million umbrella liability policy costs $453 per year.
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Old 10-13-2016, 10:18 AM   #33
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Our $5 million umbrella liability policy costs $453 per year.
May I ask who your carrier is? Seems like a pretty good price!
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Old 10-13-2016, 12:46 PM   #34
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Our $5 million umbrella liability policy costs $453 per year.
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May I ask who your carrier is? Seems like a pretty good price!
Electric Insurance
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Old 10-13-2016, 12:56 PM   #35
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Currently at $2m and going to $3m. I think that should cover most any reasonably foreseeable lawsuit. Yes something bigger is always possible but doesn't seem likely.
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Old 10-13-2016, 12:56 PM   #36
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I should add that the cost of the policy goes up with the number of rental units you have covered with underlying policies. At least with my company it's not just a flat rate for all customers.
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Old 10-13-2016, 01:01 PM   #37
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Do you have to be a GE employee or former employee?
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Old 10-13-2016, 01:20 PM   #38
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I have a million umbrella, plus $1 million on the home liability policy (upgrading from $300k was trivial - something like $6/yr). Auto liability is at $500k. So overall for most risks we're covered at $1.5-2 million. Our taxable assets subject to creditors (outside IRAs and 401ks) is something like half a million plus another million in tax-deferred accounts.

If I face a huge lawsuit, I hope to spend every penny subject to a judgment on the defense of my case No reason to leave any crumbs for the judgment creditor to hoover up.
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Old 10-13-2016, 03:21 PM   #39
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We carry $1M umbrella, which is a bit more than our exposed assets under Texas law. Our premium is kinda high at just over $500/yr. But the policy covers two rental houses in addition to our main house, which is pretty large. It also covers 5 cars and 4 drivers because we still carry our kids (27 and 24) on the auto policy. They reimburse us of course, but it's a lot cheaper for them this way. I don't ask them to pay part of the umbrella however. At some point, I'll kick them off the auto policy and our umbrella will drop also. We also carry $1M liability on the homeowners, which is shared across all 3 properties. Anything related to one of the properties, we have $2M. Our auto coverage is 500/500/100, so anything car-related, we have $1.5M.
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Old 10-14-2016, 06:10 PM   #40
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Do you have to be a GE employee or former employee?
No.
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