rk911
Thinks s/he gets paid by the post
This is a companion thread to the other currently running asking what policy limits we're carrying on an umbrella liability policy.
https://www.early-retirement.org/forums/f28/umbrella-renewal-104132-3.html#post2439676
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that thread, as well as an accident I had this weekend (while climbing a ladder to get onto my roof to blow off all the accumulated crud since last fall the ladder gave way beneath me dropping me about 5'. got banged up pretty good. i found out that at nearly 70 I don't bounce nearly as well as I used to.
), got me to wondering if my wife and I have enough coverage. we hire lots of folks to do work in and around the house..landscaping, house cleaning, tree trimming, etc. I've got a crew coming on Thursday to complete the work on the roof.
we currently have $1M in general liability and another $1M in uninsured/not insured motorist coverage. is $1M enough if one of our hired workers gets hurt on our property. I don't know. they all have their own coverage but that doesn't stop any of them from filing and possibly collecting. we travel 5000+ miles per year in our motorhome. to a lot of people "motorhome = deep pockets".
we've had this policy at least since 2008 (the last year I can lay my hands on documentation but no doubt much earlier since we had it well before I retired in 2005). in that same time frame our net worth has doubled.
several posts in the original thread indicated they are considering increasing coverage. so, how did/do you all determine just how much original coverage you now have and how often do you review it?
https://www.early-retirement.org/forums/f28/umbrella-renewal-104132-3.html#post2439676
_________________________________________________
that thread, as well as an accident I had this weekend (while climbing a ladder to get onto my roof to blow off all the accumulated crud since last fall the ladder gave way beneath me dropping me about 5'. got banged up pretty good. i found out that at nearly 70 I don't bounce nearly as well as I used to.
), got me to wondering if my wife and I have enough coverage. we hire lots of folks to do work in and around the house..landscaping, house cleaning, tree trimming, etc. I've got a crew coming on Thursday to complete the work on the roof. we currently have $1M in general liability and another $1M in uninsured/not insured motorist coverage. is $1M enough if one of our hired workers gets hurt on our property. I don't know. they all have their own coverage but that doesn't stop any of them from filing and possibly collecting. we travel 5000+ miles per year in our motorhome. to a lot of people "motorhome = deep pockets".
we've had this policy at least since 2008 (the last year I can lay my hands on documentation but no doubt much earlier since we had it well before I retired in 2005). in that same time frame our net worth has doubled.
several posts in the original thread indicated they are considering increasing coverage. so, how did/do you all determine just how much original coverage you now have and how often do you review it?
