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Eldercare
Reply to "Is it ever OK to drop umbrella insurance?"
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[quote=Anonymous] Umbrella insurance is generally available for purchase at coverage levels of $1 million and above. A relative in her late 70s has a net worth about one-fifth of that, and lives on a fixed income (small pensions plus Social Security, supplemented by RMDs from retirement accounts). The relative is still driving and has appropriate auto insurance coverage for that. (I mention that because the classic case for umbrella insurance is you're at fault in a car acccident that injures someone, who sues you for lost wages, etc. in amounts that exceed your auto insurance coverage limits, and the plaintiffs go after your assets.) My relative is pinching pennies and debating whether to drop the umbrella insurance, premiums of which run about $250 per year. Thoughts on whether someone in this situation could safely drop the extra coverage? TIA [/quote]
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