Umbrella insurance: a key weapon in one's "asset protection" arsenal

Insulating Your Assets From Lawsuits - It's Doable, But You Have to Act Ahead of Time

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If you listed your financial fears, you might include a repeat of 2008's market meltdown, losing your job and getting your identity stolen. But somewhere on the list, I suspect, would be another major worry: getting sued. That risk can loom large if, say, you are wealthy, a doctor or have your own business. By the time you're slapped with a lawsuit, it's likely too late to protect yourself, so you need to act ahead of time. Here are some key weapons in your "asset protection" arsenal: ...

Umbrella liability insurance: Creditors can easily get at money in regular taxable accounts. What to do? You might buy umbrella liability insurance. This is typically bought from the insurer that provides you with auto and homeowners insurance, and it offers additional liability protection

Comment: Image source with a helpful article about umbrella insurance. When my boys started driving our agent wisely recommended we purchase umbrella insurance. This past year we were able to increase our umbrella policy and decrease our auto premiums. It's less expensive than you would think. How much? Total all assets in a Net Worth Statement.