Do I Need an Umbrella Insurance Policy?
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- เผยแพร่เมื่อ 4 ก.ค. 2024
- 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.
Absolutely!!! Umbrella is almost a must esp if you have assets and teens lol
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! :)
I 3I2_7O2_O24O
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.
And there it is! Attorneys use the rule of deep pockets when they bring suit. Don't let that be you!
That's what we have too.
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.
I liked the conversation at the end! Tax and legal is interesting
Its the way dave presents it. I have a problem watching the show when hes not on it.
Exactly. Get it, wholly worth it.
In the litigious world we live in today, a really good idea.
5:00 Anthony being a low key hypeman “other names, names, names” 😎
Lol
Someone with back problems, that gets hit just a little bit, can sometimes still hurt.
Yeah that's true and thanks for your comment I will also advice you get into crpto trading with the aid of my trader Chris on WhatsApp and make good profit.
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My 1M umbrella policy costs me $173 a year. It’s worth it for the piece of mind
That's good and thanks for your support I will also advice you get into crpto with the aid of my trader Christopher Stephens on WhatsApp and make good profit
I 312_7O2_024O
who are you with? if you don't mind to share.
Most everyday millionaires have the majority of their investments in 401K type accounts. I heard several TH-cam 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?
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.
Thank you for the advice. It seems like if you want any chance of things being handled properly, you have to serve. It can also feel like a duty to take a turn. But you can wind up having to fight a lawsuit, even if you aren’t liable due to being a volunteer.
Always read the limitations of a PuP . There are some weird exclusions like being a politician or public figure . Professional athlete, are just a few.
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
Were you injured? Did you have UMBI?
@@genxx2724 no I was not injured and I didn’t have umbrella insurance, just auto liability and physical damage. Had she actually been seriously injured it could’ve been bad, I think they paid her $5,000
@@Silvia-0 That is "nuisance" payout so they will go away. Rather common. Her attorney got half!
That's actually pretty low. My wife is an auto claims adjuster and would be shooting in that neighborhood. Lower if she had info that the lady was still working or waited months to see a doctor.
What's the minimum net worth at which is makes sense to get an umbrella policy? $500K, $1 million?
If you can afford $200/year get the $1m umbrella
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.
Still doesn't sound like a multi-million dollar issue unless you're making that much and lost income.
@@ThePeterDislikeShow - Your point? Who is talking about multi-millions?
That is a big yes get a umbrella cheap to buy .
Yeah that's true and thanks for your support I will also advice you get into crpto with the aid of my trader Chris on WhatsApp and make good profit.
I 312_7O2_O24O
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.
A nice older lady where I live was involved in a auto accident ,her daughter was in the car with her. They were T-boned. Both went to the hospital with minor injuries. A week later the mom died. It went from a minor injury accident to a wrongful death suit ..... fast.
Your agent lied to try and sell an extra policy. Umbrellas almost never payout. Still worth it given the low cost though. It also covers libel and slander lawsuits. - an insurance agent
@@fancyasandwich The idea is for them NOT to pay out! The policies buy a bunch of attorneys to keep from paying out.
You do know that the 13% is full of SH*T. It is more like 0.13% IMHO but it is REAL and people get sued for more then their net worth all the time.
@@johnSmith-uz8nl My question is: Say net worth 1.5M, PuP for 2.0M. Jury awards 4M. You 500K short. It never ends! If you had 5M they would ask for 10M and so on....
Also Ramsey to 4billion dollar timeshare ceo “come at me bro” 😂
Better to increase car liability insurance or buy umbrella?
Maybe both. Umbrellas have requirements for auto and home limits before issuance.
@@bigpicturethinking5620 Correct, you have to have pretty high limits before they will write PuP. The object is, have them go after the PuP not you.
You have max liability before you buy umbrella. Otherwise you would have to cover the difference out of pocket. Most companies will tell you this and if it's with the same company as your auto policy, you have to go in and max your auto liability first.
@@braceyourselvesfortruth2492 may not be maxed out but very high limits indeed.
It is usually cheaper to increase your liability insurance (almost always). But my home owner policy only allows a max of 1 million in liability insurance. So if you want more then 1 million you need to buy an umbrella insurance policy (give you insurance for AFTER the 1 million). I think they say that worst case scenario is if a child dies in your pool, and I think you need 5 million for that. If you don't have a pool, having 2 million in general liability insurance is nice.
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!!!
That seems really high. Do you have some unusually expensive toys?
@@alinatamashevich3354 lol I wish ...no 2 cars jeep cherokee and Ford transit van and average house
If that also includes home and car insurance. Than it is a good price.
@@saulgoodman2018 Yes home and auto uninsured motorist
@@JohnCookAudoVideo Then not bad if that is total cost.
Not knowing is peace of mind?
AAA is cheaper for a 2 million it’s like 300 a year for an umbrella State Farm is expensive
Yeah that's true and thanks for your comment I will also advice you get into crpto with the aid of my trader Christopher Stephens on WhatsApp and make good profit
I 312_7O2_O24O
FINANCIAL RISK is everywhere, protect yourself out there! 🤑
Wow, I have an annual premium from Farmers which is 1.1k for a 1M policy.
Isn't your retirement account protected from lawsuits?
In most cases yes, however your home and other accounts are not. For the low cost of a PuP, why take a chance.
Some businesses cant be llc’s. Professional corporations cannot be llc’s in CA for example. Definitely good idea to do risk management when you have money. This is coming from a lawyer lol
Bring back Chris
Bring back God to America!
I loved his energy! Him tossing that penalty flag was the best! Chris is a fighter, he will come back.
No he is an adulterer, with NO PLACE in the Ramsey family/organization
@@andrem1238 How do you know this? Are you one of his hook ups?
I pay $300 for 2 million. She's getting ripped off.
First one yo dislike 💪