The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: Elroy Jetson who wrote (48628)	2/16/2006 10:21:39 PM
From: Wyätt Gwyön	Read Replies (1) of 306849

Many people have $350,000 coverage or less if they are in an auto accident and injure someone. The Umbrella Policy raises this from $350k to $3 million or what ever you purchase. normally the umbrella issuer will require you to max out auto liability coverage, such as 500K in TX i believe, and then provide an umbrella at a low cost. by "low cost", as i recall it is more expensive to increase the auto liability limit from 100K or 250K up to the maximum than it is to get the actual umbrella policy of however many million. standard policies are available up to at least 5 million. they will attach your bank accounts, place a lien on your home and car as well as any other assets you may own a well, at least in TX they can't take your house. back in the days of the S&L bust many people bought expensive houses for cash and then declared bankruptcy, but were allowed to keep their houses. i'm not sure this loophole has even been closed. but i think the only people who can legally take your free and clear house in TX are the government, such as the IRS or the county if you don't pay property taxes. i don't think anybody can get your house in a judgment over a civil suit. If you have significant assets or income and don't have insurance with an Umbrella Policy, you are a fool. i agree. especially because this insurance is very cheap compared to other types of insurance which people inexplicably buy. e.g., in Japan, it is apparently quite common to buy life insurance on your children. so if your 5-yr-old dies you get 250K or something, i guess as a consolation prize. doesn't make sense to me since the loss of a 5-yr-old is not an economic hardship, even though it is an emotional hardship. but customs vary and apparently that type of insurance is quite common.

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