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Started By
Message
Umbrella Insurance Policy
Posted on 9/16/25 at 10:36 am
Posted on 9/16/25 at 10:36 am
What are the benefits of having a umbrella policy for around 1 million dollars? I am not wealthy by any means. I am a homeowner and make around 90k a year. Single with no kids. Is there a benefit for having that type of policy?
13
Posted on 9/16/25 at 10:37 am to GeauxTigers1983
not for you.
Posted on 9/16/25 at 10:39 am to GeauxTigers1983
I had one thru State Farm for $600 and they doubled it so I canceled.
Posted on 9/16/25 at 10:45 am to GeauxTigers1983
quote:
Single with no kids
Work on this instead of insurance..
Posted on 9/16/25 at 10:46 am to GeauxTigers1983
Do you have substantial assets beyond a 401k?
Posted on 9/16/25 at 10:49 am to GeauxTigers1983
Complained to my insurance company about the premiums on my Umbrella skyrocketing.
They said it's because of inflation.
I asked them why isn't the $1 million amount I am being insured for also increasing due to inflation since they should correlate.
Crickets of course.
They said it's because of inflation.
I asked them why isn't the $1 million amount I am being insured for also increasing due to inflation since they should correlate.
Crickets of course.
Posted on 9/16/25 at 10:57 am to Dallas Horn
What did it skyrocket to?
Umbrella Policy's are cheap. I have $2m for like $700 bucks.
Umbrella Policy's are cheap. I have $2m for like $700 bucks.
Posted on 9/16/25 at 11:01 am to Clint Torres
quote:
Do you have substantial assets beyond a 401k?
This is basically it in a nutshell.
Posted on 9/16/25 at 11:15 am to GeauxTigers1983
I used to work with a lady who was not rich at all who had to work many years beyond her target retirement date because she got into an at fault auto incident where she injured a child. The family sued her but she didn’t have ton of assets so they garnished her wages which killed her retirement goals.
If she had an umbrella policy that could’ve been avoided. Umbrella policies are cheap relative to the amount of coverage. Especially if you have a bunch of underage drivers on your policy.
If she had an umbrella policy that could’ve been avoided. Umbrella policies are cheap relative to the amount of coverage. Especially if you have a bunch of underage drivers on your policy.
Posted on 9/16/25 at 11:16 am to Dallas Horn
quote:
Complained to my insurance company about the premiums on my Umbrella skyrocketing.
Go to an independent agent if you are unhappy with your insurance carrier. They can bring you more than one insurance company quote.
Posted on 9/16/25 at 11:17 am to Lawyers_Guns_Money
quote:
Umbrella Policy's are cheap. I have $2m for like $700 bucks.
You used to be able to get a $1 million policy for $80 a year.
And that was when $1 Million was worth a hell of a lot more than it is now.
This post was edited on 9/16/25 at 11:31 am
Posted on 9/16/25 at 11:21 am to RebelExpress38
quote:
I used to work with a lady who was not rich at all who had to work many years beyond her target retirement date because she got into an at fault auto incident where she injured a child. The family sued her but she didn’t have ton of assets so they garnished her wages which killed her retirement goals.
If she had an umbrella policy that could’ve been avoided. Umbrella policies are cheap relative to the amount of coverage. Especially if you have a bunch of underage drivers on your policy.
This is pretty much the main point to carry it. Regardless of your wealth and earnings, you need to make sure you have adequate car insurance and then add on umbrella on top of that. It is your call how much you want to roll the dice, however if you cause an accident that entails significant injury or death, you will be on the hook for huge monetary amounts.
I carry around $3.5 million, but I have some teenage drivers.
Posted on 9/16/25 at 11:21 am to Clint Torres
quote:
Do you have substantial assets beyond a 401k?
I don't. My insurance agent was trying to sell me a policy and was curious if it was truly worth it.
Posted on 9/16/25 at 11:23 am to GeauxTigers1983
Benefits?
It's liability protection on the cheap.
Do you need it? No.
Do you want it?
Your call.
It's liability protection on the cheap.
Do you need it? No.
Do you want it?
Your call.
Posted on 9/16/25 at 11:47 am to GeauxTigers1983
yes, it covers you beyond what auto/home will cover.
Posted on 9/16/25 at 12:25 pm to notsince98
We have a 2M umbrella policy with State Farm and the premium is $327. We're in Nashville.
Posted on 9/16/25 at 3:14 pm to DarthRebel
quote:
if you cause an accident that entails significant injury or death, you will be on the hook for huge monetary amounts.
This. I don’t understand how anyone can feel comfortable driving around past all these ambulance chaser billboards without an umbrella policy. If you don’t have any assets they will just garnish your wages for the rest of your career.
Posted on 9/16/25 at 7:36 pm to GeauxTigers1983
Well, all I can say is that insurance is like land. You can never have enough.
I have 2 teenagers. I also own a business, and while there is separation, I just assume I’ll be a target if my little Einsteins have some unfortunate accident.
It also is a gap insurance of sorts for certain things homeowners insurance doesn’t cover.
In the end, it’s relatively cheap
I have 2 teenagers. I also own a business, and while there is separation, I just assume I’ll be a target if my little Einsteins have some unfortunate accident.
It also is a gap insurance of sorts for certain things homeowners insurance doesn’t cover.
In the end, it’s relatively cheap
Posted on 9/16/25 at 8:05 pm to GeauxTigers1983
i have a $5M policy because I don't need Gordon going after me over my auto limits.
Posted on 9/16/25 at 10:23 pm to prestigeworldwide
Bart and Co. haven't got to Nashville yet apparently
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