Insurance Umbrella Policy - worth it?

[Anonymous]

Hi. In setting up new homeowners insurance, I was pitched the option to add an umbrella policy as well.

Do you have one? Is it worth it?

Is it really necessary or just another thing for an insurance agent to sell you?

[Anonymous]

I think so. Ours I cheap. Less than $100/year per million of coverage.

[Anonymous]

We have one - not sure it will ever be necessary but I was involved in a car accident - my fault and the woman started claiming multiple injuries after being cleared. Now, she could be really hurt and if so I would want her to get what she needs - but there was something off from the beginning about this one. Anyway, I was worrying but my agent just said "Don't worry - her injuries will not affect the quality of life and you have very good insurance." Both were very good to hear It's insurance - if you can afford it and you have enough that people might target you...

[Anonymous]

Yes, it's really cheap and I like having the assurance that if I got into a bad accident it's unlikely I would lose my house between what aut and umbrella would pay out.

[Anonymous]

I have it - we have a reasonable amount of assets and don't want to lose them or be targeted as a result of living in a wealthy neighborhood/having nice cars.

[Anonymous]

If you have the assets, you need the insurance. And it's cheap. OTOH if your basic insurance pretty much covers your assets, you don't need it.

[Anonymous]

Anonymous wrote:If you have the assets, you need the insurance. And it's cheap. OTOH if your basic insurance pretty much covers your assets, you don't need it.

Yep, it's part of the price of protecting what you've got if you've got a lot to lose. Best case, of course, is that you never use it.

[Anonymous]

If you have net worth of 500k or more, it is worth it.

[Anonymous]

Anonymous wrote:If you have the assets, you need the insurance. And it's cheap. OTOH if your basic insurance pretty much covers your assets, you don't need it.

Exactly. After a significant inheritance I got it. Didn't have it before.

[Anonymous]

Anonymous wrote:If you have net worth of 500k or more, it is worth it.

That's about where we were when we got one. Also about $100.

[Anonymous]

Get it if you have assets OR if you have significant potential cause for a freak accidents of others on your property. (We have horses, dogs, pool, hot tub -- so we'd get it just for that.)

[Anonymous]

We got it because we have a pool (which we also keep fenced and locked etc). Ours is $185 a year.

[Anonymous]

Where are you all getting such low rates ?

[Anonymous]

Yes, get it. If someone falls on your property and sues you, you will want more than just the minimum. We have $1,000,000, I think.

[Anonymous]

Anonymous wrote:Hi. In setting up new homeowners insurance, I was pitched the option to add an umbrella policy as well.

Do you have one? Is it worth it?

Is it really necessary or just another thing for an insurance agent to sell you?

I have one, but I probably have more exposure. For example, I'm a sports coach and I work with kids. I know what I'm doing, but accidents can happen and I want protection if some parents is unforgiving and overly litigious.