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Umbrella is VERY cheap, everybody should have it. I think my 3 million coverage is only about $200 a year. That's $16 a month. I have teenagers that drive. The liability risk is not worth it if your house is paid for or not. I'll take the paid for house and $16 a month for coverage over a piece of crap HELOC any day.
I am a renter. I do not rent a house, I do not rent an apartment, I do not rent a condo. I rent a room in someone else's house. I do not own or drive a car.
I don't personally know of more than two people that own their house free and clear. Most people consider mortgage debt as normal and not really being in debt.
I am a renter. I do not rent a house, I do not rent an apartment, I do not rent a condo. I rent a room in someone else's house. I do not own or drive a car.
Should I have umbrella insurance?
Do you have any cash or assets not protected from lawsuits? If so, you should have umbrella insurance.
I own the home I live in free and clear (as of last year), and still owe on rental properties. Rental properties will be paid off by 2015, if all goes as planned.
Personally, I'm surprised on how little equity people live with. I don't mean the people who purchased at unfortunate times either... I'm talking about everyone in general.
I am a renter. I do not rent a house, I do not rent an apartment, I do not rent a condo. I rent a room in someone else's house. I do not own or drive a car.
Should I have umbrella insurance?
Just like NJBEST said, if you have anything a lawsuit can take then yes. Your business (if you own one) included.
I see you do not own or drive a car. Do you have a income? That can also be "taken" in a lawsuit, at least a portion or %. If you have no job, no income, and no assets (cash included) then you are the exception.
I don't personally know of more than two people that own their house free and clear. Most people consider mortgage debt as normal and not really being in debt.
Including your parents and their contemporaries? I can easily think of a dozen people who own their own homes. Most are retired.
We own our home free and clear, but I'd say it is a fair claim that it isn't common especially among people our age. Seems like usually is older folks who worked thru a mortgage until it was paid off.
According to 2 sources (pewresearch.com and the Huffington Post) 31% of homeowners have no mortgage. They also say 21% of the adult population are homeowners with no mortgage.
Msnbc says "one out of every three homeowners own their properties free and clear".
But I can't find *where* they are getting their figures from.
In my county, the property records are on-line via info from the clerks office. You can find out if a deed has a lien on it, and you can even see how property taxes are being paid (ie: Personal, or from some lending company). That is one way to see if a home is owned outright. In most states, all this information is public record.
That is one way to see if a home is owned outright.
And if it is, you're a target.
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That can also be "taken" in a lawsuit, at least a portion or %. If you have no job, no income, and no assets (cash included) then you are the exception.
