DW and I are about 30, DINKS, combined income ~$250k in Texas. We are getting ready to pay off the mortage and I'm wondering if this makes us a target for lawsuits. If so, should we do anything to protect ourselves, such as:
a) Purchasing an umbrella insurance policy?
b) Taking out a home equity line of credit?
c) Put the house or other assets into a trust of some sort?
Current auto policy coverage is $300k combined single limit per occurrence and the house policy is $300k per occurrence for liability. The auto and home policies are with different carriers - do I need to consolidate before I can get an umbrella policy?
The last thread I saw on this was from 2009 so I'd be interested to know what people are paying per $MM of umbrella coverage. Our balance sheet looks like this:
$150k Cash and taxable investments
$170k Retirement accounts
$220k House
($40k) Student loans
= $500k net worth
a) Purchasing an umbrella insurance policy?
b) Taking out a home equity line of credit?
c) Put the house or other assets into a trust of some sort?
Current auto policy coverage is $300k combined single limit per occurrence and the house policy is $300k per occurrence for liability. The auto and home policies are with different carriers - do I need to consolidate before I can get an umbrella policy?
The last thread I saw on this was from 2009 so I'd be interested to know what people are paying per $MM of umbrella coverage. Our balance sheet looks like this:
$150k Cash and taxable investments
$170k Retirement accounts
$220k House
($40k) Student loans
= $500k net worth