Who has umbrella insurance coverage? Any reasons for it or against it?

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Really cheap for a lot of additional coverage

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I have an umbrella policy, because I have an atypical liability exposure. I own a ranch and if livestock get out I could be subject to a significant lawsuit. Evaluate you exposure to liability claims and what you have to lose. I’ve also considered putting the ranch in a trust even with an umbrella policy to protect me from a $1M plus loss.

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Also dont let anyone know that you have Umbrella coverage. It gives ideas.

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I own rental property. Umbrella gives me extra liability coverage I need, especially because my property is not under its own LLC

I was about to respond but you nailed it exactly the reasons why I have umbrella insurance as well.

If you have assets they are a super cheap way to protect yourself. Most of the time $1M is going to cost you in the low $200s per year. Really nice to have when you own a rental house, have kids who are getting ready to drive, or just have enough money that people think you're worth suing.

Get it! It will protect you and cost very little. A guy I know was sued for 1m over bumping someone with his car. His policy protected him

When we hit a $1m in net worth, we got a plan. It’s simply a cheap yearly cost to protect your current and future assets from anything that might happen. The goal is to never have to use it but never want to need it and not have it.

I got it when I was with 1mm. Too cheap not to

Thanks for the responses everyone. Ended up getting a 2 mil policy for 320 a year.

USAA but I just got a policy for my dad from travelers, 1 mil was 185 a year.

In the unfortunate incident of causing multi car collision Umbrella is a savior. Esp in bad weather conditions. If your visitors are the suing type, it comes handy. If you have LLC, its great too. Peace of mind. Hope you never need to claim. Its also cheap like 3 starbucks coffee a month

I’ve got it. Fairly cheap add. We have a dog and both make $$. Safety net. Also the idiots a few doors down burnt their house to the ground a few years ago by being stupid.

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