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Not sure where to post this ... didn't see any forum for 'insurance' in general.
I'm considering getting a $1 million PUP and just curious people's thoughts.
Currently, my wife and I have $250k person / $500 accident car insurance, as well as home insurance with $280k dwelling value.
In a month, our first son will be born, and we'll be simultaneously selling this house and moving into one with a purchase price of $383, valued anywhere between $450-$550 (literally have no idea ... side topic).
Reasons I'm thinking of getting it -
- I'm currently (arguably) under-insured, and getting this covers that,
- With a son and kids / families coming over more, there's more exposures,
- Cost seems pretty reasonably (I have a quote for $21 / month)
Not sure where to post this ... didn't see any forum for 'insurance' in general.
I'm considering getting a $1 million PUP and just curious people's thoughts.
Currently, my wife and I have $250k person / $500 accident car insurance, as well as home insurance with $280k dwelling value.
In a month, our first son will be born, and we'll be simultaneously selling this house and moving into one with a purchase price of $383, valued anywhere between $450-$550 (literally have no idea ... side topic).
Reasons I'm thinking of getting it -
- I'm currently (arguably) under-insured, and getting this covers that,
- With a son and kids / families coming over more, there's more exposures,
- Cost seems pretty reasonably (I have a quote for $21 / month)
I just got one a few months ago. Not much at all. Is it worth it? It's like all insurance, hope you never need it, you feel better if you know you're covered.
PUP is a good idea to protect your assets in a rare event of liability obligation. Cost is low for coverage benefit.
Having adequate liability for each exposure is critical to your PUP being applied.
That said, my agent has not often seen a PUP being paid out. (That does not mean you should not have one).
As your liabilities increase (rental homes, teen drivers !!!...) you will want a PUP. Whether it is critical now, or can be covered by extending current coverage is a simple math problem.
Baby on the way?
Have an estate plan to provide for them.
Life / estate plan can get messy with minor children in the mix.
When child arrives at age 26 life becomes a LOT easier.
The first huge relief, is when they can climb in the car and fasten their own seat belt!
Seems to be worth it if you have assets to protect. I have had the misfortune of car accidents with people with little to no insurance (1 me, 1 my wife and both instances 100% other drivers fault). But these people also had little to no assets so suing them would be pointless. On the other side, I have assets so suing me would be fruitful and put my assets at risk without insurance. So I have plenty of insurance including a $2 million umbrella.
Not sure where to post this ... didn't see any forum for 'insurance' in general.
I'm considering getting a $1 million PUP and just curious people's thoughts.
Currently, my wife and I have $250k person / $500 accident car insurance, as well as home insurance with $280k dwelling value.
In a month, our first son will be born, and we'll be simultaneously selling this house and moving into one with a purchase price of $383, valued anywhere between $450-$550 (literally have no idea ... side topic).
Reasons I'm thinking of getting it -
- I'm currently (arguably) under-insured, and getting this covers that,
- With a son and kids / families coming over more, there's more exposures,
- Cost seems pretty reasonably (I have a quote for $21 / month)
I've had an umbrella liability policy for many years. I consider it a good idea. One note of caution, on every type insurance where you currently have bodily injury liability coverage (car, home, motorcycle, boat, golf cart, etc), you will have to have VERY HIGH underlying liability coverage. This may require increases in your underlying policy premiums. For example, my umbrella policy requires me to carry $500k/$500k bodily injury liability on all my vehicles.
It all depends on the value of your assets. We used to have a $5 Million umbrella 20+ years ago, then at some point we increased it to $10 Million. Currently we have a $20 million umbrella.
Some umbrella policies require to have higher mins on your homeowners/auto so you should factor that in as well as the pup policy cost if you need to raise the minimums
Many people fear some sort of esoteric lawsuit because of perceptions they have about the judicial system.
I won't say crazy things never happen in our court system, but they are more rare than most think.
No one here has--in my mind--yet mentioned the most important reason for having an umbrella policy of insurance.
I don't worry a lot about someone suing me and collecting a sizeable judgment. What I worry about is being involved in an automobile accident that is someone else's fault and suffering a severe injury. Most people who drive a car are woefully underinsured and some have no car insurance at all. For that reason and really that reason alone, I have chosen to have a $1,000,000 umbrella policy. That policy is there to pay me and my family members first party uninsured motorist or underinsured motorist benefits if I am ever in an accident with some destitute driver who has inadequate car insurance.
This is why it is important when you purchase umbrella insurance that you make certain the policy increases your limits of uninsured and underinsured motorist automobile insurance as well as just liability. Ask your agent. Not all such policies do that. Mine does or I wouldn't bother having it.
Many people fear some sort of esoteric lawsuit because of perceptions they have about the judicial system.
I won't say crazy things never happen in our court system, but they are more rare than most think.
No one here has--in my mind--yet mentioned the most important reason for having an umbrella policy of insurance.
I don't worry a lot about someone suing me and collecting a sizeable judgment. What I worry about is being involved in an automobile accident that is someone else's fault and suffering a severe injury. Most people who drive a car are woefully underinsured and some have no car insurance at all. For that reason and really that reason alone, I have chosen to have a $1,000,000 umbrella policy. That policy is there to pay me and my family members first party uninsured motorist or underinsured motorist benefits if I am ever in an accident with some destitute driver who has inadequate car insurance.
This is why it is important when you purchase umbrella insurance that you make certain the policy increases your limits of uninsured and underinsured motorist automobile insurance as well as just liability. Ask your agent. Not all such policies do that. Mine does or I wouldn't bother having it.
Yes, for an additional amount of money, your umbrella insurance can be extended to cover you and passengers in your car. However, this is not automatically included with ALL umbrella policies. It costs extra.
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