Sixth Sense Studio ? Do I need an umbrella policy or should I ...

I am 30, I rent, I am single, my car is ~12 years old, my savings/retirement accounts = ~130k, and my salary is between 60-85k.I do have renter?s insurance ($12.5k) and my auto policy?s bodily injury limits are 100k/300k.

I am really trying to decide whether my financial situation dictates an umbrella policy.Should I keep my auto limits at 100k/300k and get an umbrella policy, or should I increase the auto limits to 250k/500k and not get an umbrella policy, or should I increase my auto limits and get an umbrella policy?

What is your recommendation?Since I don?t have a lot of assets and since I need to protect my retirement accounts, I feel that I should increase my liability insurance in some way.Just seeking advice.

With most companies 100/300 is not enough underlying coverage to get an umbrella.

$12.5K renter?s insurance is not the liability limits of the policy; that is the property amount. The policy will have liability coverage and is probably $100K. Most likely that is not enough for an umbrella so you?d need to increase that.

Chances are, in your situation just increasing the liability you already have should be sufficient. Your current financial situation would not warrant an umbrella, but that is said without knowing your occupation or your future prospects (information that really is needed to give advice). Speak with your auto/renters agent to see what the requirements are for an umbrella and what they?d suggest.

Here?s an idea?just become a good driver and don?t worry about all that stuff.

if your car is 12 years old and paid off, you?re a good driver, the car has lots of safety features, you?ve had drivers training, then you can lower the costs of everything except the PIP.And no you don?t need an umbrella policy for that.

for renters insurance you could/should pay $15 a month unless you have lots of electronics you wish to protect (remember that they?re like a car and lose value the minute they come out of the store, and decline in interest quickly as well).

Get the umbrella policy.Increasing the limits on your car and renter?s policies will only help with the things that are covered by those policies, mainly car accidents and physical injuries.Umbrella insurance also covers you if you get sued for a lot of other things that are not covered by car or renter?s insurance.

When people ask me that, I suggest them to look at two things:1.What a judge can get from them ? add up all your assets, PLUS five years salary.THAT is the coverage amount you should carry. 2.How very, very little an umbrella policy costs.Seriously,One car, one premises, one driver, a $1,000,000 policy will probably run you $150 a year.

Most insurance companies, however, will require you to increase your limits to $250/$500 in order to get the umbrella, and $300K on the renters (which might cost you an extra whopping $10).

MB and Stephen are correct. I would still suggest an umbrella is a good idea. It protects you against lawsuits not only stuff connected with the auto and renters.

Hope you have all your insurance with the same company so you get the most discounts.

Typically, an umbrella policy picks up where your auto AND homeowners insurance policies leave off. Since you don?t own an home then just raising your limits to 250/500/250 would be perfect.

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