Umbrella Insurance? Update, I'm covered better than Ferrari's F1 cameras.

Illustration for article titled Umbrella Insurance? Update, Im covered better than Ferraris F1 cameras.

Does anyone have umbrella insurance in addition to their standard auto liability insurance? My carrier’s highest liability coverage is $500,000 ( I think my current policy is only 300k), and as I get older I want to protect my retirement savings and the equity I am trying to build in my house. With accident settlements seeming to be millions of dollars I don’t think $500k is sufficient.

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I am just learning about this and feel that I should have added this coverage a couple of years ago when I bought the house.

Update: Thank you for the tips, I see that the insurance needed isn’t really tied to your assets but how much coverage you want to have. And the more assets, the more you want protected in case something uneventful happens.

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I went with a $2 million dollar policy that was $409. I also added more uninsured/under insured motorist up to $1 million for an extra $150. I previously had around $200k or so uninsured motorist, but figured the extra $150 was worth it because that insurance protects me in case someone else isn’t properly insured or are too broke to care. To get the extra $2m umbrella I first had to increase my auto insurance liability from $300k to $500k. I didn’t catch the cost for that but overall I am happy with an extra $559 a year for a little piece of mind. Plus, I probably should have had it years ago so I wanted to get it done with.

My quote seems a bit higher compared to what I saw in the Oppo comments so I may look at other carriers over the next couple of months. I have a rental condo, so that may be why it is a little more than expected. My carrier is also a little pricey but they get high ratings for the way they handle things if something does happen.