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Originally Posted by mitchmiller9
After I sold my rental properties, then sold my car and now gave up my driver's license, sold my gun, and never have visitors inside my condo, I canceled my umbrella policy. I think it is highly unlikely I would be sued for any substantial amount of money unless perhaps I have some sort of freak accident (like falling down the steps) where I get tangled up with someone else, causing them injury. I'm also on Medicare with a Medigap supplement, so I should have my major medical covered with no limit; although rehab care may not be.
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The point is not only potential liabilities, but also assets that are not exempt under state law. I advise reinstating it since you never know what whack job will sue you for, say, a letter to the editor or even a discussion board post. Believe me, I have been on the other side of lawsuits that are borderline psychotic.
In the most egregious example I was sued by the same Plaintiff for the same event:
- In 2009 for "intentional infliction of emotional distress" because I accompanied a then-newly admitted attorney to court, on a summary judgment with this plaintiff won. The Judge refused to criticize us, thus her "distress"; and
- In 2016, for "racism" for the same event. In this case, two bankruptcy judges, a few Justice Department officials and two circuit court judges were also sued.
You would much rather someone else defend and not at your expense even if the likelihood of exposure is near zero,.