Umbrella insurance

[cpants]

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At what point does umbrella coverage become necessary? Early in your career when you don't have a lot of assets, is umbrella coverage really needed? Even with high limits set on auto insurance? What limits of coverage are appropriate for physicians regarding home/auto/umbrella? What should the balance between homeowners/auto liability limits and umbrella limits be -- ie. lowest limits on home/auto that will allow you to obtain umbrella and then umbrella up to the level of coverage you want?

Guidance appreciated.

 

[ThoracicGuy]

At what point does umbrella coverage become necessary? Early in your career when you don't have a lot of assets, is umbrella coverage really needed? Even with high limits set on auto insurance? What limits of coverage are appropriate for physicians regarding home/auto/umbrella? What should the balance between homeowners/auto liability limits and umbrella limits be -- ie. lowest limits on home/auto that will allow you to obtain umbrella and then umbrella up to the level of coverage you want?

Guidance appreciated.

I got mine during my first year as an attending. That's probably a reasonable time as your salary has a significant increase and the cost of the policy really isn't all that much.

 

[keifernny2]

Mine is only like $120 / yr for $1 million. Your insurance company can sell you a combined package if you get all from them. It's not that big of a deal.


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[RangerBob]

I got $1million umbrella insurance as a resident. It was really cheap since I already had other policies with State Farm.

 

[PistolPete]

Are the rates for umbrella insurance competitive just like for life insurance? Or are some companies much cheaper? I have geico for auto insurance so looking into upping my coverage amounts so that I could get umbrella insurance with them too.

 

[tartesos]

I got umbrella insurance this year, cheap for 2 millions( I have my brother on my car insurance for a while, and that scares me).


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