Hi, I’m in my mid-30s. I’ve worked hard from day one after college to pay off school debt, save, invest, buy a house, and take some time to enjoy life a bit as well. My current net worth is somewhere near $1.5 million between brokerage account, retirement account, savings, and home equity. I have no debt other than mortgage. I’m continuing to invest and aim for net worth north of $4 million in my 50s so I can retire and be financially independent. Should I have umbrella insurance coverage?
@eric9968 Congratulations! You are driven and focused with your finances! Way to go!
An umbrella policy is additional liability coverage that supplements auto and homeowners insurance. It’s relatively cheap and will protect you from catastrophic expenses. The more affluent you become, the bigger target you may become for lawsuits if someone is injured on your property or in a car accident for which you were at fault.
Spend the few hundred dollars per year for a few million dollars in coverage.
Good luck!
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