Increasing umbrella policy

Yes you should increase. It’s cheap and money well spent. Think about it: If you killed someone in a car accident, what might it cost to resolve that?

I would look at 1.5 your net worth. What I do at least.

Have a 3m policy

Once I get daughters off the payroll and off my car insurance in 7-8 years I will get it back to a 1 to 1 ratio to net worth.

Driving accidents are the big fear of course

Interestingly, when you get sued, it tends to be for the exact amount of the insurance limit you carry

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It’s cheap

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It's not cheap if you have kids of driving age. I pay $1K for $1MM (and that scale doesn't change when I inquire about increasing it to $5MM).

Thanks for the info.

I tried to get a quote from RLI who would not insure me just based on having two dependents who drive/have permits to drive. Their pricing was much more reasonable. I'll check out Hudson.

I second the $10M umbrella through State Farm. If you have a sizable amount of assets or net worth you’d be a fool not to shell out a couple grand a year to cover yourself.

If you have to think about it you probably should do it. Last thing I want is to be considered at fault in an accident or have someone get hurt working on my house and cause me tremendous financial difficulty. Odds of getting a judgment above 10 million is pretty low especially when you consider you have insurance and then have umbrella insurance.

I’m not aware of how one would become a target unless people somehow can search who has what umbrella coverage and then try to get in an accident with someone etc.