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  #1  
Old 05-04-2021, 10:36 AM
Derwood Derwood is offline
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Default Umbrella Policy

Anyone have any thoughts about umbrella policies? Friends of ours were over for dinner last weekend and said they felt lucky they added it a few years ago because recently, their son was involved in an accident, somebody else was hurt, and that person's insurance company went after his company for damages after a civil suit (or something like that - I was back and forth to the grill lol so I missed parts of the story).
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  #2  
Old 05-04-2021, 11:02 AM
whyknot whyknot is offline
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If you don't have one, get one.
They are cheap liability protection. People are so **** sue happy do anything you can to protect yourself.
Take 1 minute and call your agent to get a quote.
Or find a new agent if your current one has not offered you one yet.
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  #3  
Old 05-04-2021, 11:05 AM
Lazy Ike Lazy Ike is offline
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Agree fully. Get one.
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Old 05-04-2021, 11:43 AM
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That Minnesota guy That Minnesota guy is offline
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You need to have a policy to protect your business assets from your personal assets. Unfortunately people will sue their way up the chain to the largest pot of money. Be sure you are protected / covered.
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Old 05-04-2021, 11:53 AM
Opus Dog Opus Dog is offline
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Yep. I have one for 2 million. Most have it for a million and it is fairly cheap. Something like 120-160 dollars for the year. When someone wants to sue for serious money because of a traffic accident or a fall on your property it steps in to cover almost all of it. My wife is a doctor and that is why I have the 2 million coverage. If you have children at home who drive it is more expensive but if they get in an accident and someone is out to get money they won't be going after your children, but you. You are the one with money.
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Old 05-04-2021, 12:07 PM
bubba800 bubba800 is offline
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We have always maintained an umbrella policy. Make sure you have enough coverage to protect your real estate, personal property and especially retirement funds. After taking a lump sum for my pension I found out I was seriously under insured at 2.5m and had to up the policy. I think I pay about $500 a year.
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Old 05-04-2021, 12:25 PM
Derwood Derwood is offline
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Folks - really appreciate all of the helpful advice! I was hoping it would be under $200 for about a million dollars of coverage.

When I opened my part time business, I did so as an LLC. It was explained to me that if something happened, all anyone could sue for would be the business stuff (not my personal stuff).

I think I'm going to add AAA too.

Good point about the pension funds, too!!! Definitely appreciate the help
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Old 05-04-2021, 12:47 PM
stout93 stout93 is online now
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Maybe stupid question, but do you guys review your home coverage and increase it each year as your property values rise? Just thinking I have $40k on my pole barn and it's probably $60k now replacement cost. Same with the house too..
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  #9  
Old 05-04-2021, 12:58 PM
Mark R Mark R is offline
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Just bought an umbrella for HO & Auto. I asked for it to cover uninsured & underinsured motorists. That alone raised the price by $300 a year However, if I ever use the umbrella I believe it will be from an uninsured driver injuring me or my wife.
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  #10  
Old 05-04-2021, 01:50 PM
Bigtaproot Bigtaproot is offline
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Umbrella Policy is a good idea
Your 401k/IRA cannot be taken in a lawsuit judgement
Some states allow you to title your home as "joint tenancy by the entirety" which is much safer than joint ownership. It means you own the entire house and your wife owns the entire house. If you are in such state, get the title changed
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