How big a personal liability umbrella do you carry? I’m going up to a $5M umbrella and wondering if that’s enough. My personal insurance company won’t write for more than $3 and I really don’t want to move all my insurance (I’m in a high fire risk area and afraid to change and then get cancelled). Do you have any suggestions for a company that writes large value umbrella policies without requiring you to also have all the rest of your insurance there?

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The standard maximums are fine I think. 2-3 million, even though net worth is higher. The main thing is you need enough that it will be worthwhile for the insurance company to defend you rather than pay and say good luck.

If there’s a $100 million judgement against you there’s no amount that will be enough.

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We currently have $3M but I’m exploring upping it to $5M as well.

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If you have teenage boys go higher. They are more likely to trigger large liability events that you could be on the hook for

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Ideally close to your net worth, if you can get one. Try a high end broker. Or Cincinnati, Chubb, etc. We did move everything in the end. But it was not a big deal for us.

I get $5M through my company (not sure who it’s through) and then we carry another $2M which I’ll likely increase to $3M when we renew. Ours is through RLI but not sure how high they go.

5

Consult an estate planner as well as there are other ways to shelter assets

Or girls… A bad car accident can happen to any teenager.

Assets in trusts. 10m umbrella.

If you have kids that drive please get them their own insurance policy and never put them on your policy. It will cost more but 100% worth it. Several of our friends have been ruined by their kids getting in accidents and they come after the parents. And I don’t think your umbrella policy is enough.

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