I am considering dropping my $1M Umbrella Liability Coverage as I consider my risk factors are substanially reduced recently. Other than the cost savings, wandering what other factors I should consider. Firt took out the policy about 15 years ago as I realized my net worth was growing nicely and I wished to reserve and protect my net worth enabling me to raise my two sons.
My peak risk factors was about five years ago when I had 4 vehicles, a camper, a dog, and two high school teenage drivers.
As of this week, I'm down to two vehicles, and the camper. the younger son just graduated college and is moving away. His vehicle is in his name and his own insurance policy. His older brother still lives at home, has a full time career job, has his own vehicle and insurance policy.
So we are down to wife and I with two vehicles. I'm considering raising the lability coverage to the max they will offer on homeowners and auto policies and dropping the umbrella coverage. Probably a $1M on HO and auto each.
Am I missing anything??
I should add that we are not dependent on our investments for standard living expenses, I have a COLA pension but very low SS due to WEP and my wife has not started SS yet but can start next year.
My peak risk factors was about five years ago when I had 4 vehicles, a camper, a dog, and two high school teenage drivers.
As of this week, I'm down to two vehicles, and the camper. the younger son just graduated college and is moving away. His vehicle is in his name and his own insurance policy. His older brother still lives at home, has a full time career job, has his own vehicle and insurance policy.
So we are down to wife and I with two vehicles. I'm considering raising the lability coverage to the max they will offer on homeowners and auto policies and dropping the umbrella coverage. Probably a $1M on HO and auto each.
Am I missing anything??
I should add that we are not dependent on our investments for standard living expenses, I have a COLA pension but very low SS due to WEP and my wife has not started SS yet but can start next year.
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