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Reply to "Do we need umbrella insurance?"
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[quote=Anonymous]Your homeowners insurance has some liability insurance, likely over $200k. And your auto insurance probably has about $350k of liability for an auto accident. In case of suit, the plaintiff's lawyers won't go after money that isn't there - so if you don't have $1 million, they won't go after a million. They will go after what you have. Umbrella will kick in after you exhaust homeowners and auto (depending on where/how the accident occurs). Unfortunately, I think 22:51 is correct - the more you have, the more they will go after you, and I'm not sure how it will protect that. But rule of thumb is to cover as much as your net worth. Since your net seems to be $200k, you are likely covered already by your homeowners and don't need additional coverage. [/quote]
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