Umbrella Asset Protection

31 Jan 2023 · 1 min

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In this brief presentation, the speaker explains that for most individuals, umbrella liability insurance is a highly cost‑effective method of protecting assets against lawsuits. While many people already carry homeowner and automobile liability policies that typically cap at about $500,000, an umbrella policy adds additional liability coverage on top of these existing policies. The speaker notes that a $1 million umbrella policy can be obtained for only a few hundred dollars in extra premiums, and coverage can be increased in further million‑dollar increments. This layered approach is presented as one of the cheapest and simplest ways to safeguard personal assets from loss due to legal claims.

Chapters

Let's talk about asset protection. We've talked about offshore trust and domestic asset protection trust, but for most people, one of the most cost-effective forms of liability protection is umbrella liability insurance. Many of you already have homeowner and automobile liability insurance, but that coverage is typically capped at around $500,000. You can increase that coverage with an umbrella policy that covers your car and your home. This additional coverage effectively sits on top of your underlying coverage that you already have. And as I said, it's very cost-effective. You can get $1 million in coverage for few extra hundred dollars in premiums, and you can continue to increase the coverage in million-dollar increments. It's definitely one of the cheapest and easiest ways to protect your assets from loss from lawsuits.