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Supplemental Insurance

Discussion in 'The Okie Corral' started by dherloc, May 25, 2012.

  1. dherloc

    dherloc X-Nuc

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    Anyone have it...is it worth it? Why do you have it? When did you start thinking about getting it?

    Been thinking of upping my standard house and auto coverage with a $1000000 supplemental policy. Cost is only about $250 a year.

    Having more neighborhood kids over to play. Have a lot more to lose in assets now than I did years ago.

    Thoughts?
     
    Last edited: May 25, 2012
  2. JMS

    JMS 02

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    We have 1,000,000 umbrella policy for about the same per year. In the scheme of things $250 a year isn't going to make or break me, getting sued for $1,000,000 would.
     

  3. TSAX

    TSAX USAF Vet

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  4. Shark1007

    Shark1007

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    Yes sir, I have 2 mil and it's worth the expense. Insurance need is directly proportional to what you are protecting, as your assets increase, your umbrella should.

    Make sure you get the umbrella coverage on Uninsured Motorists too, particularly in Florida with no mandatory bodily injury requirement.

    Good planning!
     
  5. dherloc

    dherloc X-Nuc

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    Yup...doing both UM and umbrella liability.

    JMS, my thoughts exactly.
     
  6. *ASH*

    *ASH* FURBANITE

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    ask rabbi and devildog they seem to know it all . :tongueout::rofl:

    money and math math and money
     
  7. certifiedfunds

    certifiedfunds Cosmopolitan Bias

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    This here. All of it.
     
  8. jpa

    jpa CLM

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    Don't forget other asset protection plans like putting your big assets (house, investments, etc) in a trust and homesteading your home.
     
  9. dherloc

    dherloc X-Nuc

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    Thats something else I haven't done yet...but on my list to research and probably move towards doing.

    Thanks for the reminder.
     
  10. GasTurbine

    GasTurbine Porschey Power!

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    I know this is an old thread, but anybody who carries, and does NOT have umbrella insurance is a fool.

    If the shoot is questionable, are you prepared to hand out 30-40k dollars just for you defense? Even if its a clean shoot and your not charged, odds are youre going to be civilly sued by family members. Regardless of whether you win or lose, can you afford the legal costs and possible judgment?

    Worst case scenario: You lose both cases because you didnt have enough money to properly defend yourself, and are now in jail and in debt for hundreds of thousands of dollars.

    Best case: You get a proper defense, and regardless of the civil outcome, you are financially covered for all of it.

    For about $15 per month, I choose the "best case" every time.
     
  11. nursetim

    nursetim

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    What is homesteading your home?
     
  12. GasTurbine

    GasTurbine Porschey Power!

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    Homesteading allows you to partially protect your house from creditors holding unsecured liens against the property. Most states allow you file your house this way to protect it, by making it so creditors have to pay you a certain amount (like $75k) if the creditor sells the house. This means if a creditor is going to get $75kor less from the sale, they won't bother cause it is not worth their time and money.

    So if you carry a 1 million dollar umbrella policy, and your house is worth $175k (for example), it may not make sense to do it.