[btomba_77]

Have it.
 
5 million
 
It’s about $600/yr
 
 
It’s something you hope to *never* use …
 
 

[g.giancaspro_108]

$5M  about $500/yr.

[aldoctc]

As an attorney friend put it:  “$5 million should be enough to make most problems disappear.  And if it isn’t, no amount of insurance is gonna save you.”  
 
Other than the basics like homeowner, auto, health insurance and MP insurance for a doc, an umbrella policy will help you sleep at night.  If you’re young and have a family, something like 20 year term life insurance is wise (after 20 years you should have saved enough so that your family can make it if you kick).  Whole life policies can be useful for estate planning purposes in certain situations, but are often pitched as ‘investments’ where the insurance agent neglects to inform you that you’re funding his ‘investment’.  
 
 

[pankajkaira1982_700]

2 million. ~250/year.
 
cheap and affordable for us I assume.
 
Get it.

[adrianoal]

lot of lawyers in my family. they think you’re nuts if you have assets and don’t have an umbrella policy
 
 

[smfst7_929]

I was thinking 1-2 mill to start. Im still under a million net worth bc of paying off loans. 5 mill seems like a lot for now right? Do most people wait until a few million assets before they up it to 5 million?

[g.giancaspro_108]

The cost difference between 2M and 5M of coverage isn’t that great, and your personal assets don’t necessarily correlate to what someone will try to extract from you because, after all, you are a doctor and their lawyer knows it.

[rhiannonsmith84]

When new associates join my group, which is is a tort reform state as far as medmal goes, I tell them that they need to buy an umbrella policy.  Here, it is nearly impossible to lose your wealth through a medmal tort, but not that hard to lose it through a regular civil suit.  You’re only one car wreck away from losing all your stuff, unless your umbrella policy eclipses your weatlth.

[lisa.kipp_631]

Just to echo I have a close friend who is a scumbag personal injury attorney. He cant stress enough the value of an umbrella policy. Hes in the trenches every day, in the wrong side of it but still.

[Unknown Member]

Is this mostly done to supplement car insurance? Or something random like you got into a fist fight with a bum? I mean what other realistic scenarios to have to use it besides a car wreck?

[btomba_77]

Quote from Apple1919

Is this mostly done to supplement car insurance? Or something random like you got into a fist fight with a bum? I mean what other realistic scenarios to have to use it besides a car wreck?

15 year old gets torn to shreds in the prop of your boat … and you’d had 4 drinks
 
 
A guest falls off the deck of your place in Aspen slipping on ice and lands 2 stories down, ending up paralyzed
 
 
Same trip skiing in Aspen you lose control and accidentally run a guy off trail, who hits a tree and has a severe traumatic brain injury requiring life long care.
 
 
 

[g.giancaspro_108]

Someone slips and falls on your driveway.
Your dog bites someone.
Your kid is playing with another kid and the other kid’s tooth gets knocked out.
Your trampoline blows away during a storm and smashes windows on your neighbor’s house.
You’re in a crowded restaurant and someone falls, injuring themselves, and claims you/your spouse/your kid knocked them over.
 

Quote from Apple1919

Is this mostly done to supplement car insurance? Or something random like you got into a fist fight with a bum? I mean what other realistic scenarios to have to use it besides a car wreck?

[hiba]

1 mil- $70 thru erie insurance. Premium hasnt changed for past three years

[abd.fawzi_217]

1 mil seems too low for umbrella insurance. In a disaster scenario where you need it you’re going to want more than 1 mil…

[alvarezgga1]

3 million…costs around 380 bucks. 
There is an article on whitecoatinvestor site. Recommendation was 3 mil should be plenty.

[6541165]

Don’t know much about umbrella. 
 
Is this something that should be purchased ASAP as a resident just like disability or term life? My net worth right now is probably -500k so it feels premature to protect assets I don’t have. If I were to get sued for a couple million right now, what would happen? Would I have to liquidate what I do have (e.g., cash out retirement account, sell car) and my future wages would be garnished? Cuz in that case it seems like I should do it now. 

[sdurham]

I thought the 3 million article on WCI was regarding malpractice. Generally your retirement accounts are safe 401k more than IRA depending on state. You can get a small policy as a resident for not much at all.

[smfst7_929]

Ive heard just have enough to cover your net worth. Technically they cant touch retirement money in a lawsuit and at least a portion of your house in most states. I mean if you have a negative or minimal net worth youd just declare bankruptcy in the event of some catastrophic lawsuit. But dont quote me on any of this. My parents dog was attacked once by some scumbag people with a vicious free roaming dog. Vet bill ended up being like 6k. They won in small claims court but the people just declared bankruptcy. Pretty sure thats what would go down if you really have a negative net worth.

I think umbrella from my understanding is most important once you accumulate a few million net worth. Someone please correct me if Im wrong.

[g.giancaspro_108]

The cost difference between 2M and 5M of coverage isn’t that great, and your personal assets don’t necessarily correlate to what someone will try to extract from you because, after all, you are a doctor and their lawyer knows it.