Do you have umbrella insurance? If so, how much, with what company, and how much does it cost you for coverage?

[Anonymous]

Thanks DCUM hive mind - I am trying to decide if I need umbrella insurance or not.

Stats on me: my net worth is about $3 million - that is about $750,000 in real estate equity, $250,000 in liquid investments, and $2 million in retirement accounts. Married, age 57, and my youngest child is a junior in college.

[Anonymous]

Net worth in non-shielded accounts is about 2 million. Umbrella is 1.5 million through USAA. The cost is negligible.

[Anonymous]

Yes, you absolutely need it. Americans are so litigious. Any car accident where you’re at fault or slip and fall on your property and you could lose everything.

[Anonymous]

I agree. I have an umbrella insurance for $3 million and it's only $295 a year.

[Anonymous]

Yes we have it. Assets 3-4 million. DS was in a car accident with injuries and we felt very exposed.

[Anonymous]

This is OP - thanks for the quick answers. Kee 'em coming! What companies do you have your umbrella insurance with?

[Anonymous]

Anonymous wrote:I agree. I have an umbrella insurance for $3 million and it's only $295 a year.

Could you share which company you're using? The cheapest quote I got was $900 for $3M coverage.

[Anonymous]

Anonymous wrote:Yes, you absolutely need it. Americans are so litigious. Any car accident where you’re at fault or slip and fall on your property and you could lose everything.

+1

Especially if you have any networth and the people involved figure that out (easy to do)

Given that many vehicles alone are inthe 50-75k+ range, if you are at fault for an accident involving 2-3 cars, you could easily get sued by one (or have costs over $100k for just the vehicles and the. $100k more for injuries to people.

A good umbrella policy means the insurance will use their lawyers to fight it good so they don’t have to pay out.
We have $4m umbrella with two teens on it, and homes worth over $5m—low cost and best insurance around.

[Anonymous]

Geico worth every penny

Not expensive

[Anonymous]

$2 million with State Farm. About $270 a year.

[Anonymous]

Meh. Your retirement accounts are often safe from judgments anyway. I wouldn’t get it until you have a few hundred grand in assets outside home equity/retirement. Until then you can just make sure that your home and auto insurance are solid enough.

[Anonymous]

NW is $37M
We have a $10M umbrella policy
Cost is about $4K annually

[Anonymous]

Anonymous wrote:NW is $37M
We have a $10M umbrella policy
Cost is about $4K annually

State Farm is the carrier.

[Anonymous]

RLI is the insurer, purchased through USAA. Less than $1k/yr for $3m of coverage (we own 3 properties, a boat, and have a teenage driver).

Before you judge, one "home" is an inherited 1/8 share in a family beach property.

[Anonymous]

Anonymous wrote:I agree. I have an umbrella insurance for $3 million and it's only $295 a year.

Ours is similar through Erie,