5 Kinds Of People Who Need An Umbrella Insurance Policy

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The Personal Liability Umbrella insurance policy, commonly referred to just as an "umbrella policy" is absolutely essential for some people.

In this video, we talk about the 5 kinds of people who need an umbrella insurance policy.

1. Anyone who has a pool in their yard.

2. Anyone who has an automobile driver in their home younger than 21.

3. Anyone who owns investment real estate in their personal name (i.e. Not inside of a real estate LLC or holding company)

4. Anyone who owns a business, serves in public office or is at any increased risk of receiving personal accusations like libel, slander, defamation, etc.

5. Anyone with significant liquid or other assets that are exposed to risk in the event of a legal judgment.

Life Is Risky. RiskWell.
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Good video. Thank you for sharing this important info

LifeHappens
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Very good information. Thank you very much.

eddierobles
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One thing is hardly ever mentioned is, who pays the attorney fees, if you don't have the policy you will! If your policy is insufficient and not enough, you will pay all of the attorney fees from your pocket. The smart thing to do is get the policy by the policy and make sure that you deduct the policy on your taxes

Understand that insurance is 100% tax deductible therefore who's really paying, the government gives you the right off so if you get it as 100% tax write-off who's paying, the government gives you credit for insurance

danbutler
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Would putting all your assets in a trust protect them?

swingman
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Would you say that people who own boats would fall into the category of people who need an umbrella?

ChapstickBoomtown
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I am confused by the "anything other than" comment at 3:54. Are you saying if you have a house (the one you reside in), you DO or do NOT need an umbrella policy? I sometimes have trouble deciphering sentences and need help with this one -- thanks. I do have an umbrella policy because I own the house I reside in, and I have a car. Wanting to make sure I really do need this policy since I'm low income and don't want to spend money needlessly. :)

TheMaggiemay
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Which insurance company do you recommend for purchasing umbrella insurance policy?

bella
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If 90% of my money is in home equity and retirement accounts, do I need an umbrella policy when I have a teenage driver at home.

puduhari
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Crap! I have investment properties in my personal name

cesarsanchez