Let's say I would like to get umbrella insurance coverage for $3 million as a resident of Florida. I do not own a car. I do not own a property in FL, but I housesit there. I rarely drive, and rarely rent a car. What's the best way to get Umbrella insurance without a car or home ownership in my primary residence State (FL)?
I currently have $1.2 million in a 403b. To what extent is that 403b protected from lawsuits and liability issues? (If it’s protected, can I reduce my $3M in umbrella policy accordingly?)
I do own secondary dwellings: an NYC Coop apartment with $1M in personal liability coverage per occurrence; and a ½ of a secondary home in Massachusetts with $500,000 (the max allowed in this policy) in personal liability coverage per occurrence. In sum, my assets totaling $3M for a proposed umbrella policy include the 403b ($1.2M) which I may rollover to an IRA now that I am retired; two properties totaling $1.1M; and the rest in Roth IRA and taxable brokerage accounts.
Are there other factors to consider?
What’s the best and most economical way to get an umbrella policy in this case (no car/no home in FL), and how much liability coverage to I need? Thank you!
I currently have $1.2 million in a 403b. To what extent is that 403b protected from lawsuits and liability issues? (If it’s protected, can I reduce my $3M in umbrella policy accordingly?)
I do own secondary dwellings: an NYC Coop apartment with $1M in personal liability coverage per occurrence; and a ½ of a secondary home in Massachusetts with $500,000 (the max allowed in this policy) in personal liability coverage per occurrence. In sum, my assets totaling $3M for a proposed umbrella policy include the 403b ($1.2M) which I may rollover to an IRA now that I am retired; two properties totaling $1.1M; and the rest in Roth IRA and taxable brokerage accounts.
Are there other factors to consider?
What’s the best and most economical way to get an umbrella policy in this case (no car/no home in FL), and how much liability coverage to I need? Thank you!
Statistics: Posted by Poppy — Wed Aug 28, 2024 9:21 am — Replies 1 — Views 163