{"id":6433,"date":"2019-05-07T03:13:04","date_gmt":"2019-05-07T07:13:04","guid":{"rendered":"https:\/\/marriagekidsandmoney.com\/?p=6433"},"modified":"2023-04-10T14:29:24","modified_gmt":"2023-04-10T18:29:24","slug":"why-our-family-got-umbrella-insurance-and-how-much-it-costs","status":"publish","type":"podcast","link":"https:\/\/marriagekidsandmoney.com\/podcast\/why-our-family-got-umbrella-insurance-and-how-much-it-costs\/","title":{"rendered":"Umbrella Insurance: Why Our Family Got It and How Much It Costs"},"content":{"rendered":"\n<p>Katherine from Buffalo, NY reached out regarding Umbrella Insurance \u2026 <\/p>\n\n\n\n<p><em>Hi Andy:<\/em><\/p>\n\n\n\n<p><em>I am a new listener and I love your podcast. The way you break down topics and explain them very easy to understand and makes me feel like I can achieve my financial goals with the correct planning and mindset. <\/em><\/p>\n\n\n\n<p><em>I realize that this isn't a finance question, however, it is a family-safety\/ planning question. Can you briefly explain the importance of an umbrella policy? I know it is important to protect your assets but I am confused when the right time to have one is. My husband and I are just buying our first house and are unsure if we need one yet. Any information or advice would be appreciated!<\/em><\/p>\n\n\n\n<p><em>Best,<\/em><\/p>\n\n\n\n<p><em>Katherine<\/em><\/p>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n\n<p>Katherine!<\/p>\n\n\n\n<p>Thanks so much for reaching out to me. <\/p>\n\n\n\n<p>I'm happy you're enjoying the show. I have so much fun doing the show and it makes it even more fun when I get messages like yours. Thank you!<\/p>\n\n\n\n<p>As for your question, I\u2019ll caveat that I\u2019m not an insurance specialist or financial planner so please take my answer with a big ole grain of salt.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-why-we-have-umbrella-insurance\">Why We Have Umbrella Insurance<\/h2>\n\n\n\n<p>For us, umbrella insurance was essentially meant to protect us against getting sued. <\/p>\n\n\n\n<p>I\u2019ve never been in a lawsuit (currently knocking on wood) and I hope to never be in one. But from what I\u2019ve heard, they suck! Lawyers, money, arguments, lawyers and more money. To avoid that mess, umbrella insurance has been our coverage.<\/p>\n\n\n\n<ul>\n<li>If someone slips and falls at our house and decides to sue us for their injuries and the cost fell outside of our homeowner's insurance, then we'd be covered by umbrella insurance.<\/li>\n\n\n\n<li>If I get into a major car accident and my car insurance does not cover all the damages, my umbrella insurance would support us from paying out of pocket.<\/li>\n\n\n\n<li>With us considering buying <a href=\"https:\/\/marriagekidsandmoney.com\/why-im-buying-my-first-rental-property-in-cash\/\">our first rental property<\/a> and starting small businesses, umbrella insurance is that little inexpensive coverage that makes us feel comfortable.<\/li>\n<\/ul>\n\n\n\n<p><strong>Related Article<\/strong>: <em><a href=\"https:\/\/marriagekidsandmoney.com\/5-term-life-insurance-providers-that-make-the-process-easy\/\">5 Term Life Insurance Providers That Make the Process Easy<\/a><\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-when-we-got-umbrella-insurance\">When We Got Umbrella Insurance<\/h2>\n\n\n\n<p>Once we started accumulating assets and <a href=\"https:\/\/marriagekidsandmoney.com\/how-to-increase-your-net-worth-by-700000-in-7-years\/\">grew our net worth to around $500,000<\/a>, we decided to get a policy.<\/p>\n\n\n\n<p>Now, I\u2019m not sure of your financial situation Katherine since you and your husband are just now getting married. If you're still getting yourself out of debt and don't have a lot of assets, it might not be necessary.<\/p>\n\n\n\n<p>According to <a href=\"https:\/\/www.fidelity.com\/viewpoints\/wealth-management\/do-you-need-umbrella-insurance\" target=\"_blank\" rel=\"noreferrer noopener\">Fidelity<\/a>, here are a few reasons to consider getting umbrella insurance outside of the reasons I already shared:<\/p>\n\n\n\n<ul>\n<li>Have a certain type of dog <em>(that may just bite someone &#8211; ouch lawsuit)<\/em><\/li>\n\n\n\n<li>Ski, surf or hunt (<em>I\u2019m assuming because of the harm you might accidentally cause someone else)<\/em><\/li>\n\n\n\n<li>Coach Youth Sports <em>(again, I\u2019m assuming you may get sued by a parent for some reason)<\/em><\/li>\n\n\n\n<li>Own a swimming pool or trampoline (<em>again, injuries at your house, then you get sued. The pool party is over.<\/em>)<\/li>\n<\/ul>\n\n\n\t<div class=\"wp-block-jetpack-gif aligncenter\">\n\t\t<figure>\n\t\t\t\t\t\t\t<div class=\"wp-block-jetpack-gif-wrapper\" style=\"padding-top:56%\">\n\t\t\t\t\t<iframe src=\"https:\/\/giphy.com\/embed\/ojOYIhZTKeu52\" title=\"pool fall\"><\/iframe>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/figure>\n\t<\/div>\n\t\n\n\n<p>Essentially, a variety of uncomfortable and not-so-fun situations like those. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-much-does-umbrella-insurance-cost\">How Much Does Umbrella Insurance Cost?<\/h2>\n\n\n\n<p>Cost totally depends on how much you get and who you work with.<\/p>\n\n\n\n<p>For us, we pay $163 per year for $1 million in coverage. From what I\u2019m reading on the interwebs, we may be able to get closer to $100 for that $1 million in coverage. <\/p>\n\n\n\n<p>The point is \u2026 it\u2019s cheap. You get lots of bang for the buck. <\/p>\n\n\n\n<p>It\u2019s probably a good bet for the insurance company too because the people who buy this policy must already be very careful and smart people. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-where-can-you-buy-umbrella-insurance\">Where Can You Buy Umbrella Insurance?<\/h2>\n\n\n\n<p>You can get it from the same company where you get your homeowners insurance or auto insurance typically. Make sure to ask about getting a discount if you bundle your insurance coverage together. The more policies, the better deal you\u2019ll get. <\/p>\n\n\n\n<p>Insurance is funny right? <\/p>\n\n\n\n<p>Even though you\u2019re paying all this money for homeowners, auto, life, health, umbrella, etc \u2026 you HOPE you\u2019ll never really need it. <\/p>\n\n\n\n<p>But when something does come up, MAN, you\u2019ll be glad you had it. <\/p>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n\n<p><strong>Do you have umbrella insurance? If so, why?<\/strong><\/p>\n\n\n\n<p><strong>Please let me know in the comments below.<\/strong><\/p>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/i2.wp.com\/www.marriagekidsandmoney.com\/wp-content\/uploads\/2019\/05\/Marriagekidsandmoney.com_.png?fit=683%2C1024&ssl=1\" alt=\"Family in modern kitchen\" class=\"wp-image-6443\"\/><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n","protected":false},"author":3,"featured_media":10719,"comment_status":"open","ping_status":"open","template":"","epcats":[675],"eptags":[774,964,718,965],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.4 (Yoast SEO v22.5) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Umbrella Insurance: Why Our Family Got It and How Much It Costs<\/title>\n<meta name=\"description\" content=\"Katherine wants to know if she and her husband need umbrella insurance. 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