I've been skating by for years with State minimums on liability for others injured in an automobile accident and I'm getting to that stage in life where I actually have some assets that I'm counting on if I should ever retire. I've heard enough horror stories involving medical costs to want to reevaluate my liabilities and exposure were someone to get seriously injured in an accident I was involved in. Wondering what advice my sage wise friends here might have. I've concluded that the State minimum liability insurance would cover an x-ray, a couple of aspirin and a band aid. I'm looking to up the insurance on both my home (replacement value given the current cost of materials) and liability for if someone is seriously injured in an accident I'm unfortunate enough to be involved in. Maybe not directly survey related but as a surveyor, I am prone to anticipating where the snake pits might be and doing all I can to avoid stumbling blindly into one. Some sort of additional umbrella policy might be in order. Would appreciate any suggestions.?ÿ
I have it on good authority that an umbrella policy is a good idea. You have to understand that it is in conjunction with other coverage. I've also been told it's inexpensive considering the coverage you can get.?ÿ
It's a good idea to sit down with an insurer you trust, not one that's coming to you to sell. Be careful to get exactly what you want/need.?ÿ?ÿ
I would suggest an "umbrella" policy.?ÿ They are relatively cheap and cover you for lots of unforeseen items.
Andy
I have a 2 million umbrella policy on top of all the other insurance.?ÿ I'm not sure if it is enough with so many attorneys in this State.
@mightymoe Trusting & insurance companies is something of any oxymoron. I've just reached the conclusion that my exposure is higher than I'm comfortable with. The cost associated with anything involving the medical industry leaves me feeling more and more vulnerable as time goes by. I've been working with the same insurer through State Farm for a decade and have not had any issues and they aren't going out of their way to sell me anything. So far from what I've been quoted the additional costs are not that outrageous and quite manageable. It helps with my history and lack of claims but life can radically change course on a dime.
A good insurance agent is as valuable as a good surveyor.?ÿ Direct knowledge or a referral is the best way to select one.
It's one of those things........you never admit to how much insurance or guns you have.?ÿ
For me it's easy, I have no insurance and all my guns were lost in the boating accident.?ÿ
Attorneys and insurance limits are kind of like the urban equivalent of wearing pork chop underwear in grizzly country.?ÿ
Look into creating a trust that 'owns' the assets and then you don't have to hold all of the asset value and then the risk of loss.?ÿ
Rich people (not me ) do this, it's a real effective way to avoid the chain of custody to the money source.
Lawyers and?ÿ bankers etc. and very wealthy people hide behind the legitimate and convoluted process.
Just need to see if the costs are effective for the benefits.
My $0.02
