Do I Need an Umbrella Insurance Policy?

Do I Need Umbrella Insurance?
Listen to how ordinary people built extraordinary wealth—and how you can too. You’ll learn how millionaires live on less than they make, avoid debt, invest, are disciplined and responsible! Featuring hosts from the Ramsey Network: Dave Ramsey, Ken Coleman, Christy Wright, Rachel Cruze, Anthony ONeal and John Delony.

[moneybee]

With the relatively low added cost of upgraded insurance relative to her net worth, the peace of mind of security seems to make sense. Always funny hearing Dave talk about lawyers too haha! :)

[harrychufan]

I liked the conversation at the end! Tax and legal is interesting

[lkjg]

Yeah, years ago, I got selected for jury duty on a civil case. At the end of the trial, I went straight to my insurance agent and bought a million dollar umbrella. Juries are stupid crazy. I probably need to evaluate things and see if I need to up my coverage.

[carieyounginsurance]

Absolutely!!! Umbrella is almost a must esp if you have assets and teens lol

[slmunney]

Great call and advise on Dave's part. I don't hesitate to comment when I disagree with Dave, so I have to give credit here. This was practical, helpful advise that made sense to me as I was contemplating the same question as the caller.

[Silvia-]

That happened to me, except I was the middle car in the accident. The guy who hit me had no insurance, so I got sued by the lady who my car was pushed into. My car was totaled, hers was just a bit dinged up. She claimed she could no longer work! It was ridiculous. She did get a small amount of money from my insurance company ultimately

[Omikoshi]

5:00 Anthony being a low key hypeman “other names, names, names” 😎

[saulgoodman]

Someone with back problems, that gets hit just a little bit, can sometimes still hurt.

[SG-zhxd]

That is a big yes get a umbrella cheap to buy .

[tomm]

Hate to say it Dave, but the lady in the car in front of the one you hit may have very well been hurt. I was in a car where the exact same thing happened, the car behind us was struck and pushed them into us. I discovered whiplash is real! Instant pounding headache and neck issues that required PT for the next couple months. Doesn't take a huge hit from behind to cause injury, especially when the vehicle was stopped.

[oahuguy]

Most everyday millionaires have the majority of their investments in 401K type accounts. I heard several YouTube advisors mention that these type of accounts are not susceptable to liabilities that umbrellas cover. In other words, you don't need umbrella insurance to cover retirment accounts. Is this right?

[briankowald]

What's the minimum net worth at which is makes sense to get an umbrella policy? $500K, $1 million?

[Omikoshi]

Also Ramsey to 4billion dollar timeshare ceo “come at me bro” 😂

[JohnCookAudoVideo]

Thank you... I'm looking at umbrella insurance now and in Tampa Florida area and they're charging me $1, 200 for a 1 million policy including motor policy!!!

[omyota]

I'm nowhere close to a millionaire, and was shocked at how inexpensive a million dollar umbrella policy was for my house and cars. Something like ~$250/yr extra. My insurance agent says 13% of their payouts go over a million bucks, so better than one in ten chance it'll be needed in the case of an accident. Just seemed reasonable.

[elchapojr]

AAA is cheaper for a 2 million it’s like 300 a year for an umbrella State Farm is expensive

[untouchablex]

Better to increase car liability insurance or buy umbrella?

[mrsmith]

I was a P&C underwriter for 30 plus years. If you have an umbrella and a alleged substantial claim, you will get the A Team. Don't forget, the claim may be unfounded, but you still have defense costs.
The people on the Condo Beard at Surfside may have had personal umbrellas, but they won't mean much. Use risk avoidance. Never serve on a Condo Board. Expensive repairs may be needed, but the residents will fight spending the money tooth and nail, while blaming you.

[patti]

My 1M umbrella policy costs me $173 a year. It’s worth it for the piece of mind

[sebastianwilliamson]

FINANCIAL RISK is everywhere, protect yourself out there! 🤑