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Old 02-20-2018, 10:38 AM
 
8,279 posts, read 3,454,476 times
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Quote:
Originally Posted by USNRET04 View Post
Let's say you have kids that do something really stupid and you are sued. Would this type of policy protect you?
It should.

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Old 02-20-2018, 10:47 AM
 
Location: The Triad (NC)
26,842 posts, read 57,851,863 times
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Quote:
Originally Posted by Hoonose View Post
It should.
One way or another.

eg: A few thousand dollars worth of good (in house) attorneys time is cheap money
vs a $1M claim and might be all that's needed to scare off a scammer.
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Old 02-20-2018, 10:49 AM
 
Location: Wisconsin
16,471 posts, read 15,913,707 times
Reputation: 38735
Quote:
Originally Posted by Dad01 View Post
Hi
I have only one possession a SUV car and nothing else no boat no RV no house no timeshare etc

I have some liquid assets I want to protect bonds stocks cash

I was debating whether I should get umbrella insurance or just increase the liability limits on my car insurance to a maximum

as really I'm only likely to hurt someone with my car and have no other posessions and liabilities

what are your thoughts ?
I added extra coverage to my renters insurance, changing to a million dollars cost something minuscule like an extra $6 per year. Now, I know that it is extremely, extremely unlikely that (for example) someone would trip and fall inside my house and need extensive medical care but for 16 cents a day I am completely covered.
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Old 02-20-2018, 10:57 AM
 
Location: DFW - Coppell / Las Colinas
29,920 posts, read 34,526,470 times
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Quote:
Originally Posted by USNRET04 View Post
Let's say you have kids that do something really stupid and you are sued. Would this type of policy protect you?
I took an Umbrella when my kids turned about 12 and especially needed when they started to drive.

For a couple of hundred $$ a year, I've carried ever since. A great investment.
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Old 02-20-2018, 12:07 PM
 
6,014 posts, read 6,518,511 times
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^^ Yep I have it.
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Old 02-20-2018, 01:14 PM
 
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I bought it, mine costs <$200 a year for $1mil but its in conjunction with home and car insurance so perhaps cheaper.

Even if with a lowish amount of assets, you could still face a judgment where they garnish your wages.

It's nice to have in case something crazy happens or extreme that goes over your regular insurance limits.

-Hit someone with a golf ball
-Dog goes nuts and bites someones kid
-You get distracted and accidentally bump into an old lady at the store and she falls and busts a hip.
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Old 02-20-2018, 01:15 PM
 
3,425 posts, read 2,123,623 times
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I have it and have had it for years. As noted above, it's not expensive. You never know what could happen.

Someone could slip and fall in your house and become permanently disabled. A jury could render a verdict well in excess of homeowners insurance limits. Unlikely to happen yes but for a few hundred dollars a year, I'd rather have an umbrella policy in place.
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Old 02-20-2018, 04:03 PM
 
498 posts, read 225,441 times
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Plus your insurer might give you a discount for adding another policy.
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Old 02-20-2018, 04:03 PM
 
Location: Log "cabin" west of Bangor
5,487 posts, read 6,426,587 times
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You could also consider putting assets in a trust, which could also protect them. Consult an attorney to learn your options and what protections may be available. Generally speaking, if your assets are in the right kind of trust and a judgement is issued against you (personally), the assets are untouchable because you technically don't 'own' them, you are merely the trustee who manages them.
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Old 02-20-2018, 09:47 PM
 
8,305 posts, read 8,580,329 times
Reputation: 25924
Quote:
Originally Posted by Dad01 View Post
Hi
I have only one possession a SUV car and nothing else no boat no RV no house no timeshare etc

I have some liquid assets I want to protect bonds stocks cash

I was debating whether I should get umbrella insurance or just increase the liability limits on my car insurance to a maximum

as really I'm only likely to hurt someone with my car and have no other posessions and liabilities

what are your thoughts ?
Too many people have the wrong idea about umbrella insurance.

It is a good thing. However, a good umbrella policy not only increases liability limits, it also increases limits of uninsured (UM) and underinsured motorist coverage (UIM). This coverage that will protect you, friends, or family members if you ever have the misfortune to be seriously injured in an accident with a driver who has low insurance limits or no insurance at all. Frankly, I worry more about that than I do about being careless and injuring another. There are many drivers on the road with low limits of insurance or no insurance and they tend, statistically, to be the worst drivers out there. On the other hand, I have driven forty-two years without causing a serious accident.

In fact, the real reason I have an umbrella policy is because I want to increase underinsured and uninsured limits. If all it did was increase liability I might not find it worth it.

I would encourage those contemplating getting umbrella coverage to ask their agent if the policy they are purchasing increase UM and UIM coverages. If it does not, shop elsewhere for insurance.
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