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.
I'd work with an agent to get an umbrella liability policy that covers your net worth. That policy will require certain auto coverage, and many other coverage (renter's insurance, for example) and establish minimums for those coverages.
You've got to consider the whole package together to get the right limits. Otherwise it is easy to end up over paying or under -insured.
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.
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.
alexm2816 t1_jeedxu6 wrote
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.