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This could have gone in the thread that rsprang started, but oh well, here is a new one.

I have liability insurance for my wife and me at $300,000 per person and $300,000 total. That really doesn't seem like a lot, if god forbid something happens and I/she are sued for being involved in the deaths of an SUV full of kids. Ug, I hate to think about it. But if we HAD the money, juries might award significanly more than that. So I started thinking about umbrella coverage.

Currently, our entire net worth is less than $300,000. Does that mean I shouldn't worry about it? At what point should one consider umbrella coverage? Is there EVER a time when it is helpful to get umbrella coverage if assets are lower than auto liability limits?

Also, the majority of our assets are in a combination of ROTH IRAs, and SIMPLE plans. I assume that these assets are not protected, but 401(k)s may be. Is that true?

FFL
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