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Off Topic Off Topic - General non-Corvette related discussion. |
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05-30-2021, 11:49pm | #1 | ||||||||
A Real Barner
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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.
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So basically for my IRA's. In CA, they only cover 401ks but not IRA. Quote:
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05-31-2021, 6:36am | #2 | ||||||
Bantayan Kids '17
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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) |
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05-31-2021, 8:25am | #3 | ||||||
Barn Stall Owner #106
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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.
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05-31-2021, 8:35am | #4 | ||||||
Barn Stall Owner #122
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I carry 2 Million as I teach HPDE and BMW Street Survival. It’s cheap and gives me peace of mind.
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05-31-2021, 8:36am | #5 | |||||||
A Real Barner
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We have also had an umbrella for years too |
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05-31-2021, 8:45am | #6 | ||||||
A Real Barner
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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.
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05-31-2021, 10:20am | #7 | ||||||
A Real Barner
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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.
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05-31-2021, 10:28am | #8 | ||||||
Barn Stall Owner #THX1138
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Yeah, ever since we've had horses & dogs.
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05-31-2021, 11:10am | #9 | ||||||
A Real Barner
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Have one too, sleep better at night!
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05-31-2021, 11:14am | #10 | ||||||
Barn Stall Owner #103
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Have had one for years.... cheap piece of mind
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05-31-2021, 6:44pm | #11 | ||||||
A Real Barner
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I've got a $2M umbrella.
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05-31-2021, 7:48pm | #12 | ||||||
Barn Raising II,III
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05-31-2021, 7:52pm | #13 | ||||||
A Real Barner
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