The Money Mustache Community
Learning, Sharing, and Teaching => Ask a Mustachian => Topic started by: Phoebe on May 03, 2013, 08:22:00 AM
-
I was talking to a colleague the other day who used to be an insurance agent. He told me that umbrella insurance is a must have. He explained that it comes into play in the event that you get sued whether it is because you were in a car accident that caused injuries or death to someone (and they are going for more than your liability covres), get sued for sexual harassment not covered by your employer, or sued while you're coaching a sports team and get accused of inaappropriate behavior.
He said that if any of these things happen, someone will come after everything you have, so your umbrella should coverage should be higher than your networth, and the insurance company will simply fight any battles that arise and your money will be safe.
Normally I wouldn't even consider this, but he said it's pretty economical (he said about $150 per year for a couple million) and since I'm saving so much I feel that I have a lot to lose. If I were to get sued it could force me back into the workforce after I pull the trigger and retire.
At the same time though, I don't know anyone personally who has this. It may be a regional thing (I live in the Midwest) and I hate to pay for unecessary coverage, so I'm torn.
My husband suggested I ask the Mustachian group since "they're so smart and I trust them." Thanks in advace!
Phoebe
-
There's a previous discussion about umbrella insurance discussion currently ongoing here:
https://forum.mrmoneymustache.com/ask-a-mustachian/umbrella-insurance/
Locking thread to keep all replies consolidated in one spot, anyone with advice for Phoebe please feel free to post there.