alexm2816 t1_jeedxu6 wrote on March 31, 2023 at 12:29 PM

Having liability at least equal to your net worth is smart.

I'd also consider a $300k umbrella policy that kicks in after your liability is tapped and covers other liabilities after renters or just general life liability. Super cheap insurance.

ike1414 t1_jeffpwr wrote on March 31, 2023 at 4:52 PM

The only "problem" with umbrella is that you typically have to have the max, or close to it, liability coverage on things like auto. So that could make the cost less cheap if they don't already have a larger liability coverage.

But in general umbrella itself is pretty cheap.

alexm2816 t1_jefh2vd wrote on March 31, 2023 at 5:01 PM

Right. It's not 'in lieu of' but rather in addition to.

OP is going to be paying $190/month for protection from his most likey avenue of liability (the car) but in my instance for $15/month I get $1M of additional protection that follows me around in the car or in a borrowed car or in a rental car or walking my dog or anything I do without malice/criminal intent. For OP to get their hands on an extra quarter million would be peanuts just in case someone decides 'hey, OP has some bucks let's pull some stuff'.

I need to carry 300/500/300 insurance but it sounds like that's what op is describing.

Trying_Trader t1_jefjrc2 wrote on March 31, 2023 at 5:18 PM

I'll definitely look into an umbrella policy, thank you. It seems a lot of people are recommending getting one.

tyroswork t1_jeft7d0 wrote on March 31, 2023 at 6:20 PM

>Having liability at least equal to your net worth is smart

Maybe I'm missing something but what does your net worth have to do with how much you want to get insured for?