WorkforFIREParticipantStatus: PhysicianPosts: 39Joined: 11/22/2018
We don’t own a home. But my friend was talking about this yesterday.
Is this something that all of us should have?? If so, what limits?January 6, 2019 at 7:29 am MST #179004jhwkr542ParticipantStatus: PhysicianPosts: 952Joined: 02/15/2016
Most likely for your car at this point. Are you an attending? How much in unprotected assets? The scenario is you hit someone with your car and they sue your pants off because you’re a doctor. A $1MM umbrella policy is probably good enough, but I don’t know your whole financial situation. It’ll be really cheap.January 6, 2019 at 8:44 am MST #179016TimParticipantStatus: AccountantPosts: 1480Joined: 09/18/2018
You buying asset protection. Usually purchased on top of homeowners, renters, or auto insurance. Most likely assets you own.January 6, 2019 at 8:46 am MST #179018CordMcNallyParticipantStatus: PhysicianPosts: 1637Joined: 01/03/2017
As a physician you should have umbrella insurance. Start with a million and then you can always change as you get further in your career and have more assets. It’s cheap.
“But investing isn’t about beating others at their game. It’s about controlling yourself at your own game.”
― Benjamin Graham, The Intelligent InvestorJanuary 6, 2019 at 9:09 am MST #179021bean1970ParticipantStatus: PhysicianPosts: 428Joined: 07/12/2017
do you drive? that is your biggest liability. and you should stack an umbrella on top of your auto to cover.January 6, 2019 at 9:15 am MST #179022WorkforFIREParticipantStatus: PhysicianPosts: 39Joined: 11/22/2018
Gotcha. Thanks. Will purchase a policy today. Appreciate all the feedback.January 6, 2019 at 10:23 am MST #179040SLC OBParticipantStatus: PhysicianPosts: 309Joined: 06/23/2018
Yep, we had $1M policy until recently… I think it was like $350/year. Went up to $5M limit recently, now about $750/year.
It’s not like Life or disability insurance where you have to get the cheap rates when you are young… it’s not hard or expensive to increase the amount as you age/increase your net worth.
Is $5M too much? Maybe… but it was worth piece of mind for only $400/year more. Also, will have teenage drivers soon in a snowy area (i.e. high risk of accidents) along with potential of falling icicles from our house, a rental house, etc….ReFinDocParticipantStatus: PhysicianPosts: 137Joined: 01/09/2016
Remember to get under-insured and uninsured coverage with your Umbrella. That way you can collect from your insurance company rather than trying to sue the deadbeat that hit you.January 10, 2019 at 6:17 am MST #180110jfoxcpacfpModeratorStatus: Financial Advisor, Accountant, Small Business OwnerPosts: 6940Joined: 01/09/2016Also, will have teenage drivers soonClick to expand…
Multiplies your risk factor by 10.
Johanna Fox Turner, CPA, CFP, Fox Wealth Mgmt & Fox CPAs ~ 270-247-0555