Do you have umbrella insurance? If so, how much, with what company, and how much does it cost you for coverage?
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Anonymous
| $2M through Erie, $195 a year. |
Anonymous
| If you bundle your insurance plans, it will be cheaper. We pay abou $275 for a $2M policy with Allstate. |
Anonymous
| Its sad yet comical that now everyone needs life insurance, home insurance, rental insurance, valuable insurance, disability insurance, car insurance, travel insurance, umbrella insurance and Gods know what other insurances. |
Anonymous
Advice your kids to become insurance agents or real estate agents for easy money. I doubt if any college is needed for either. High school or associate's diploma which smart kids can get with their high school diploma if they aren't too busy taking AP, SAT and building super resume for top colleges. |
Anonymous
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Yes, of course.
We have a cheap 2M policy through State Farm. Haven’t had to use it yet by the grace of God. |
Anonymous
| You should get it through either your auto or your homeowners insurer. Worst is when insurance companies argue with each other |
Anonymous
What's your point? You insure against catastrophic losses. |
Anonymous
| What accounts aren’t shielded? Is it your net worth outside of retirement that is exposed? |
Anonymous
Just to be clear here, the purpose of umbrella insurance is not to "shield" accounts, and it is a fallacy to secure umbrella insurance simply in the amount of one's net worth. For example, assume you have 2mm in net worth that is subject to judgment enforcement, and 2mm in umbrella coverage. Suppose you cause a car accident with one or more serious injuries, even a fatality. If a jury awards a 5mm judgment, the plaintiff is taking *both* your 2mm in umbrella coverage plus your 2mm in net worth. The basis to over-insure here is so that, if you are involved in a catastrophic loss, you can settle within limits of the policy, so that the loss is held solely by the insurer and not by you. |
Anonymous
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1 million, 50/month. State Farm.
3 teen boys one with a not great driving record. |
Anonymous
Umbrella insurance also protects you from having your wages and bank accounts garnished to pay a huge settlement. |
Anonymous
We found it really difficult to find umbrella insurance to cover more than a $1-$2 million. After that we had to go through specialty insurance and we ended up getting dropped and I can't think of anything that would make us high risk. |
Anonymous
You misunderstood the question. Some assets are protected from creditor claims, often retirement and primary home. But it is state by state. Your example is ridiculous though. You would have to have insurance of $5 million to protect your net worth of $2 million. And suppose the judgment was for $10 million? Then you would need coverage of $10 million. I agree that the idea is to settle within limits of the policy. But please tell me how many times umbrella insurance of $2 million has been insufficient to cover a claim. There is no need to overinsure. And overinsuring would in any case do almost nothing at the margin to make your assets safer. |
Anonymous
| We have $1 million with Erie and it costs $99 or so. I should increase it, come to think of it! |
Anonymous
| Are these policies with Erie in combination with home and auto insurance or do you get them separately? |