Reply to How to calculate net worth for umbrella insurance

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Your net worth doesn’t have that much to do with how much umbrella insurance you should take out.[/quote]

You’re an idiot and have no idea what umbrella insurance even is.[/quote]

I may be an idiot, but I do know what umbrella insurance is. Can you explain to me the exact mechanism linking your net worth to the size of potential judgments against you, aside from the general point that if they know you are rich they are more likely to come after you?[/quote]

It is what you said.

Most if not all plaintiffs’ attorneys will be looking at who you are.  Most don’t want to go to trial but settle. Easier money.  Sometimes you have to go to trial.

A 30 year old with a house with a little equity and a Mc or UMC job will get one settlement. They will want the policy limit and move on.

A 55 year old big law partner with 2 houses will not get out so cheap.  If there is umbrella coverage at 3, 4, or 5 million you most likely can get out.  Your net worth may be 20 million but it would take a crazy plaintiff lawyer to pass up 5 without trial. [/quote]

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