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Author: billjam Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 19483  
Subject: Question on Umbrella Insurance Date: 9/27/2000 12:40 AM
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I'm 55, single, retired, and have a net worth of approx. $1.2 million. I rely solely on my investments for my living expenses - no pension (I took a lump sum) and 7 years to social security.

I currently carry a $1 million umbrella policy, which I think is adequate. My insurance agent keeps telling my I should increase it to $2 million. What are the guidelines on how much coverage I need? Any retired insurance guys out there?
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Author: Bulldogger One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 5162 of 19483
Subject: Re: Question on Umbrella Insurance Date: 9/27/2000 6:39 AM
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Hi, Billjam,

The object of an umbrella policy is to protect your assets. Of course, you could always hit a busload of brain surgeons and top your limits, but that's just the nature of risk.

The umbrella policy is in addition to your underlying coverage (homeowner and auto), which in most cases is going to be $500k. That brings your total up over your current assets.

That said, the Sleep Factor is always the deciding one. How safe do you need to be to rest well at night?

Bulldogger, a CPCU in a former life

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