Anonymous wrote:I agree. I have an umbrella insurance for $3 million and it's only $295 a year.

Ours is similar through Erie,

RLI is the insurer, purchased through USAA. Less than $1k/yr for $3m of coverage (we own 3 properties, a boat, and have a teenage driver).

Before you judge, one "home" is an inherited 1/8 share in a family beach property.

Anonymous wrote:NW is $37M
We have a $10M umbrella policy
Cost is about $4K annually

State Farm is the carrier.

NW is $37M
We have a $10M umbrella policy
Cost is about $4K annually

Meh. Your retirement accounts are often safe from judgments anyway. I wouldn’t get it until you have a few hundred grand in assets outside home equity/retirement. Until then you can just make sure that your home and auto insurance are solid enough.

$2 million with State Farm. About $270 a year.

Geico worth every penny

Not expensive

Anonymous wrote:Yes, you absolutely need it. Americans are so litigious. Any car accident where you’re at fault or slip and fall on your property and you could lose everything.

+1

Especially if you have any networth and the people involved figure that out (easy to do)

Given that many vehicles alone are inthe 50-75k+ range, if you are at fault for an accident involving 2-3 cars, you could easily get sued by one (or have costs over $100k for just the vehicles and the. $100k more for injuries to people.

A good umbrella policy means the insurance will use their lawyers to fight it good so they don’t have to pay out.
We have $4m umbrella with two teens on it, and homes worth over $5m—low cost and best insurance around.

Anonymous wrote:I agree. I have an umbrella insurance for $3 million and it's only $295 a year.

Could you share which company you're using? The cheapest quote I got was $900 for $3M coverage.

This is OP - thanks for the quick answers. Kee 'em coming! What companies do you have your umbrella insurance with?

Yes we have it. Assets 3-4 million. DS was in a car accident with injuries and we felt very exposed.

I agree. I have an umbrella insurance for $3 million and it's only $295 a year.

Yes, you absolutely need it. Americans are so litigious. Any car accident where you’re at fault or slip and fall on your property and you could lose everything.

Net worth in non-shielded accounts is about 2 million. Umbrella is 1.5 million through USAA. The cost is negligible.

Thanks DCUM hive mind - I am trying to decide if I need umbrella insurance or not.

Stats on me: my net worth is about $3 million - that is about $750,000 in real estate equity, $250,000 in liquid investments, and $2 million in retirement accounts. Married, age 57, and my youngest child is a junior in college.