Need for Additional Liability Insurance?

[bmjohnson35]

Fellow Mustachians,

As your wealth grows, do any of you worry about additional liability insurance to protect you from potential lawsuits. We do live in a litigious society.  Examples being car accidents or someone getting injured on your property.  What do you think the chances that someone will go after your investments, when they exhaust your auto or home insurance coverage?  An umbrella policy is relatively inexpensive, but is it necessary? For example, 1 million dollar policy for under $500 a year.

Thanks,
BJ

[herbgeek]

An umbrella policy is only necessary if you care about your assets being seized in the event of a lawsuit.  Maybe you'll get lucky.  My 2 million umbrella costs me $300/year.  Especially now that I'm retired, I'm counting on my assets to support me, and it'd be a shame if they got attached by someone, so I have umbrella insurance.

[bmjohnson35]

That's what I was looking at as well. 

That's much better rate than I was quoted.  I suppose I need to shop around more.

BJ

[better late]

We added an umbrella policy after learning about it on this forum. Peace of mind for relatively cheap.

[Lucky Penny Acres]

Definitely check around and consider switching all your insurance to the same provider for a bundle discount.

We added $1 million umbrella coverage and it was less $20 per year after a bundle discount for having home, auto, and umbrella with the same insurance company.