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Dave Says: At what net worth should I consider an umbrella insurance policy?

Dear Dave,

At what point, where your net worth is concerned, should you consider additional umbrella insurance?

Kyle

Dear Kyle,

You can buy an additional $1 million in liability insurance for your home and car for around $250 a year. Why would you want that? If you were a target. Why would you be a target? If you have a net worth of $500,000 to $1,000,000 or more. You might also be a target if you just have a really good income and make a lot of money.

In either case, you’d want to pick up a liability umbrella policy. Good question!

—Dave



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