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May 05, 2005 -- Umbrella insurance can be a great thing
Do you have an umbrella? No, not the kind you used to shield yourself from the rain. This is the kind of umbrella that protects your hard-earned dollars. Say, for example, you are in an auto accident and its your fault. They may sue and get a judgment against you that goes beyond your auto insurance liability. Well, post judgment, their attorney tries to get everything youve got. The more you have, the more youre at risk, so to speak. So, its a good idea to have an umbrella if you have a lot of uncovered assets. That means that you have a lot of stuff but you dont owe money on it. That could include equity in your home or money in brokerage accounts. It doesnt have to be your fault. You could still end up broke. So, ask your insurance company if it offers any kind of umbrella. Most do, they just dont advertise it. Clark recommends that you buy coverage equaling the amount of assets you have. You probably wont need to use it. But its a good idea to have it anyway. If you have it and pay for it for years and years, its a good thing!
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