umbrella liability insurance?

Financial Planning - Financial planning in general. (Moderated) 

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Subject Author Date umbrella liability insurance? rick++ 01-26-2007  Re: umbrella liability insurance? Douglas Johnson 01-27-2007
Posted by rick++ on January 26, 2007, 6:46 pm Is it recommended to have as much umbrella liability insurance as all of one assets including "retirement" accounts? That word is quoted is because I believe that official 401Ks and IRA are protected in many states, but after-tax accounts are not protected. Posted by Douglas Johnson on January 27, 2007, 11:41 am >Is it recommended to have as much umbrella liability insurance as all >of one assets >including "retirement" accounts? I've heard this rule, but it's never made any sense to me. You should have umbrella coverage that exceeds any likely jury award. A couple of exceptions: if you have no assets, you probably don't need to insure them. If you're very wealthy, you can self insure. But umbrella coverage is ridiculously cheap. As someone pointed out, they will provide the defense against a suit as well. They will work much harder if they have $2 million at risk than $100,000. -- Doug Similar Threads Posted where and .how to buy umbrella insurance?? October 14, 2006, 7:23 pm Umbrella Insurace Policy January 19, 2008, 11:43 am understanding liability March 31, 2008, 10:45 pm Financial Advisor Liability September 13, 2008, 8:04 pm Limited liability for a financial advisory business September 12, 2008, 5:36 pm LTD Insurance February 11, 2007, 7:08 pm Life insurance in 401(k)-PSP November 29, 2006, 11:53 am Medigap insurance April 28, 2007, 8:34 pm Do I need life insurance? October 31, 2007, 5:15 pm title insurance June 24, 2008, 4:18 pm