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10-11-2016, 07:47 AM
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#21
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Thinks s/he gets paid by the post
Join Date: Oct 2009
Posts: 1,190
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 Quote:
Originally Posted by athena53
As it is, if I cause someone's serious injury or death, they've hit the friggin' lottery..
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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...
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10-11-2016, 08:08 AM
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#22
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: May 2014
Posts: 7,373
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Quote:
Originally Posted by LARS
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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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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10-11-2016, 08:27 AM
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#23
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Thinks s/he gets paid by the post
Join Date: Jul 2009
Location: North Scottsdale
Posts: 1,545
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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.
__________________
FIRE'D in July 2009 at 51...Never look back!
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10-11-2016, 08:54 AM
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#24
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Recycles dryer sheets
Join Date: Jul 2013
Posts: 385
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Quote:
Originally Posted by 45th Birthday
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.
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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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10-11-2016, 09:50 AM
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#25
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Dec 2008
Posts: 12,660
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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.
Quote:
Originally Posted by Golden sunsets
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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__________________
If you understood everything I say, you'd be me ~ Miles Davis
'There is only one success – to be able to spend your life in your own way.’ Christopher Morley.
Even a blind clock finds an acorn twice a day.
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10-11-2016, 05:07 PM
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#26
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Moderator
Join Date: Feb 2010
Location: Flyover country
Posts: 25,362
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Quote:
Originally Posted by athena53
I diligently have tried to avoid killing or maiming anyone
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You've never met my brother-in-law, have you?
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10-12-2016, 04:56 AM
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#27
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Thinks s/he gets paid by the post
Join Date: Jun 2013
Posts: 2,523
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Quote:
Originally Posted by REWahoo
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.
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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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__________________
"Luck favors the prepared mind"
Pasteur
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10-12-2016, 05:16 AM
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#28
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Full time employment: Posting here.
Join Date: Jul 2011
Posts: 723
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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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10-12-2016, 05:20 AM
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#29
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Recycles dryer sheets
Join Date: Apr 2013
Location: Humble
Posts: 188
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$1 mil. It's enough to slow down the hounds if something bad happens.
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10-12-2016, 06:27 PM
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#30
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Dryer sheet aficionado
Join Date: Oct 2012
Posts: 28
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2.5 M
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10-12-2016, 06:32 PM
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#31
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jun 2016
Location: Colorado
Posts: 8,971
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Cash buried in a whole life policy is also unattachable.
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10-13-2016, 08:26 AM
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#32
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Recycles dryer sheets
Join Date: Nov 2011
Posts: 185
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Our $5 million umbrella liability policy costs $453 per year.
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10-13-2016, 09:18 AM
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#33
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Thinks s/he gets paid by the post
Join Date: Jul 2009
Location: North Scottsdale
Posts: 1,545
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Quote:
Originally Posted by 523HRR
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!
__________________
FIRE'D in July 2009 at 51...Never look back!
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10-13-2016, 11:46 AM
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#34
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Recycles dryer sheets
Join Date: Nov 2011
Posts: 185
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Quote:
Originally Posted by 523HRR
Our $5 million umbrella liability policy costs $453 per year.
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Quote:
Originally Posted by RockyMtn
May I ask who your carrier is? Seems like a pretty good price!
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Electric Insurance
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10-13-2016, 11:56 AM
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#35
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Thinks s/he gets paid by the post
Join Date: Apr 2016
Location: Ex-Cali
Posts: 1,245
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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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______________________
The plan was September 1, 2022 and I am 95% there. Still working a few hours a week at the real job.
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10-13-2016, 11:56 AM
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#36
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Thinks s/he gets paid by the post
Join Date: Apr 2016
Location: Ex-Cali
Posts: 1,245
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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.
__________________
______________________
The plan was September 1, 2022 and I am 95% there. Still working a few hours a week at the real job.
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10-13-2016, 12:01 PM
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#37
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Thinks s/he gets paid by the post
Join Date: Jul 2009
Location: North Scottsdale
Posts: 1,545
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Quote:
Originally Posted by 523HRR
Electric Insurance
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Do you have to be a GE employee or former employee?
__________________
FIRE'D in July 2009 at 51...Never look back!
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10-13-2016, 12:20 PM
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#38
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Nov 2007
Posts: 7,746
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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.
__________________
Retired in 2013 at age 33. Keeping busy reading, blogging, relaxing, gaming, and enjoying the outdoors with my wife and 3 kids (8, 13, and 15).
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10-13-2016, 02:21 PM
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#39
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Thinks s/he gets paid by the post
Join Date: Jul 2012
Location: Texas
Posts: 3,024
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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.
__________________
Retired at 52 in July 2013. On to better things...
AA: 85/15 WR: 2.7% SI: 2 pensions, SS later
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10-14-2016, 05:10 PM
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#40
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Recycles dryer sheets
Join Date: Nov 2011
Posts: 185
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Quote:
Originally Posted by 523HRR
Electric Insurance
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Quote:
Originally Posted by RockyMtn
Do you have to be a GE employee or former employee?
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No.
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