Reply to How to calculate net worth for umbrella insurance

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I would think you exclude retirement savings and college savings because a creditor can't reach those things.  But I'm guessing.  I am a lawyer, though, so it's not an entirely uneducated guess![/quote]

This is OP and that’s my guess too but I can’t find any definitive confirmation of it. [/quote]

I don’t think it’s a hard fast rule. You need to have enough insurance that whoever is suing you is happy to take the max amount without going after you personally.

If you have a 2 million dollar policy and 2 million in liquid assets and two million in retirement assets a 4 million dollar verdict puts you on the hook for 2 million.

That being said verdicts like that are rare (and attorneys who will turn down a 2 million insurance payout to try to chase down money from an individual is also going to be rare). Of course the rareness is why it’s so cheap but I know you don’t want to hear about that. [/quote]

It’s not cheap as far as I’m concerned. $800 a year is still a lot of money to me as while it network is relatively high our income is not.[/quote]

$800 for how much coverage?  Generally you can get $2m for less than $300. It’s actually the only insurance that I know of that gets more expensive per million as you go up. I pay $2088 for $10M[/quote]

Actually it’s not $800. It’s $671 for $2m, and no I can’t get it any less expensive. Or $895 for $3m. So no $2m is not available for $300 for me. [/quote]

Op again, also we have one 15 year old car, two adult drivers with 30 year clean records, no pets, one house. But apparently they consider spouse’s occupation “risky”, which is plainly ludicrous but nothing I can do about it. [/quote]

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