When Is an Umbrella Policy a Good Idea?

Ramsey Everyday Millionaires

Ramsey Network

Business, Careers, Investing

4.8 • 3.6K Ratings

🗓️ 22 September 2021

⏱️ 4 minutes

🔗️ Recording | iTunes | RSS

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Summary

Listen to how ordinary people built extraordinary wealth - and how you can too. You’ll learn how millionaires live on less than they make, avoid debt, invest, are disciplined and responsible! Featuring hosts from the Ramsey Network: Dave Ramsey, Ken Coleman, Christy Wright, Rachel Cruze, John Delony, and George Kamel.

Transcript

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0:00.0	You're listening to Ramsey everyday millionaires, where we talk retirement, building wealth,
0:10.5	and outrageous generosity.
0:12.0	Tammy's going to start off this hour in Sarasota, Florida.
0:16.3	Hi, Tammy, how are you?
0:18.1	Good afternoon.
0:19.1	Good afternoon.
0:20.1	Thank you for taking my call.
0:22.6	My question is regarding umbrella insurance policies.
0:26.9	Are they worth it?
0:31.1	Do they just entice people to sue more frequently or go after more beyond that as well?
0:37.5	No.
0:38.5	I don't think there's any indication of that.
0:40.3	I think that people are enticed in a lawsuit, happy world, to sue for anything anyway.
0:47.4	And so I think they're worth it.
0:49.9	I mean, you can get a million dollar umbrella policy that attaches to the top of the liability
0:55.6	on your car and your homeowners, which is usually up to a half a million.
0:58.9	So that gives you like a million and a half total.
1:01.4	In most areas, you can get that for $200, $300, something like that, from an independent insurance
1:06.6	broker, or from your insurance broker to match up with your current coverage on your PNC.
1:13.0	And yeah, it's worth it.
1:14.1	Once you've got a net worth or something that gives someone the indication that they might
1:23.3	be able to get something out of you.
	...

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