Question about umbrella policy and adult children living at home

[SecondCor521]

OP here with a follow up.

I consulted an attorney friend and they in turn consulted a network of attorneys on my question. The general consensus was that unless I had an ownership interest in the kid's vehicle or had asked them to run me an errand during which they committed a negligent act, that although I might be sued I would not be liable.

I canceled my umbrella policy on Tuesday and will simply make it a point not to ask my kids to run errands for me.

USAA belated informs me that I can increase my auto liability to $1M/$1M if I want to. Since driving is my main source of liability risk, I may do that.

IANAL and YMMV, obviously.

 

[RetiredHappy]

The issue is not whether you are liable for whatever your adult children who are living with you do or not. The issue is that US has a lawsuit culture. Are you prepared to get your own lawyer and fight a lawsuit in the event that you get sued for your children's action? It is a costly and stressful event if it happens. I would rather pay a small amount to buy an umbrella policy and have the insurers take care of such lawsuits.

You mentioned that you had cancelled your umbrella policy altogether. The question is the same for yourself. I know I don't want to have to stress over a lawsuit and potentially lose all of my life savings for something that I may or may not be liable for, no matter how carefully I drive or ensure that my walkway is safe.

 

[luckydude]

The issue is not whether you are liable for whatever your adult children who are living with you do or not. The issue is that US has a lawsuit culture. Are you prepared to get your own lawyer and fight a lawsuit in the event that you get sued for your children's action? It is a costly and stressful event if it happens. I would rather pay a small amount to buy an umbrella policy and have the insurers take care of such lawsuits.

You mentioned that you had cancelled your umbrella policy altogether. The question is the same for yourself. I know I don't want to have to stress over a lawsuit and potentially lose all of my life savings for something that I may or may not be liable for, no matter how carefully I drive or ensure that my walkway is safe.

+1

A few hundred bucks for an umbrella policy is a very small price to pay to protect one's life savings and retirement assets.

 

[Yipper]

When my youngest daughter left home, our $2M umbrella premium dropped about 35%.

 

[ivinsfan]

Second Cor you are probably fine without the umbrella.. you seem to be LBYM and keep a low profile not likely to attract attention as a target. In our case with 4 family members working closely together owning things together the umbrella is for peace of mind and family harmony. No one is exempt from making a costly mistake, stuff happens