Our insurance broker is recommending a $10m umbrella primarily due to our high income and my higher-profile job. We are young, so based on assets alone, $5m should be enough. But the broker said it would be wise to consider the higher limits, especially in the current litigious climate and with the larger claims they are seeing.
Does anyone else have an umbrella greater than $5m? What was your rationale for getting one?
I rarely see anyone discussing an umbrella above $5m, which makes me wonder why I should even consider the recommendation. And would having such large limits have the opposite effect of incentivizing someone to settle a claim for the policy limits?
Does anyone else have an umbrella greater than $5m? What was your rationale for getting one?
I rarely see anyone discussing an umbrella above $5m, which makes me wonder why I should even consider the recommendation. And would having such large limits have the opposite effect of incentivizing someone to settle a claim for the policy limits?
Statistics: Posted by MtnTravel — Wed Dec 25, 2024 8:01 am — Replies 20 — Views 1056