The Vette Barn - Umbrella Insurance

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Umbrella Insurance

Anyone here have an umbrella insurance plan? Reason for asking is as time goes on, there are many lawsuits for just about anything. In fact, it seems like the last year or so, there are several lawyer commercials that add to to this for suing anyone. I sure would hate to lose my IRA's on some bullshit lawsuit.

Quote:

An umbrella insurance policy is extra liability insurance coverage that goes beyond the limits of the insured's homeowners, auto, or watercraft insurance. It provides an additional layer of security to those who are at risk of being sued for damages to other people's property or injuries caused to others in an accident. It also protects against libel, vandalism, slander, and invasion of privacy.

https://www.investopedia.com/terms/u...nce-policy.asp

So basically for my IRA's. In CA, they only cover 401ks but not IRA.

Quote:

For example, California is a precarious state in which to own a retirement account if you are being sued or filing for bankruptcy. In California, IRAs are not as well protected as 401(k)s. What this means in practice is that if you are being sued for personal injury in California, your 401(k) will be protected from the prosecutor; however, your IRA will only be protected up to the point that the court deems necessary. The judgment will be based on a certain threshold that the court says will be sufficient to support you and your dependents in retirement.9 This should alarm those planning for retirement, as there is no specific threshold in place, and future events are far from predictable.

https://www.investopedia.com/article...edium=referral

We've had umbrella coverage for many years; currently $3 mil. Probably excessive, but it gives me some comfort. When I first tried to get it, our insurance company wouldn't issue it since we had young drivers in the family.

We're in NJ, so all retirement accounts are protected from lawsuits. (IIRC)

We carry a million for our personal and incorporated for business. Was thinking about putting business property in a separate Corp but taxes are such a pain and we’ve managed without for almost 30 years.

I carry 2 Million as I teach HPDE and BMW Street Survival. It’s cheap and gives me peace of mind.

Quote:

Originally Posted by Stevedore (Post 1885031)

I did not know that....good to know :seasix:
We have also had an umbrella for years too

My wife and I have a $2M umbrella policy. I think we pay about $380 for it So it is a no brainer for us. We bought ours mainly to increase our automobile limits. I don't see other things that this policy covers happening. But an auto accident where another family is involved, or a doctor and their attorney spouse driving a $150k vehicle could cost a very large amount of money if we were at fault. To me it is good insurance to have to protect your assets and create some peace of mind.

I had umbrella coverage as part of the homeowners insurance covering my investment properties. Since I sold the last one earlier this month, I have now cancelled the insurance on the properties, and therefore, currently have no umbrella coverage. My wife and I are discussing if we should get a new one for general liability.

Yeah, ever since we've had horses & dogs.

Have one too, sleep better at night!:yesnod:

Have had one for years.... cheap piece of mind

I've got a $2M umbrella.

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Originally Posted by Thunder22 (Post 1885191)

I've got a $2M umbrella.

I paid $10 for mine... :leaving:

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Originally Posted by snide (Post 1885216)

I paid $10 for mine... :leaving:

I got a free one at the man mall yesterday...