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Discussion Starter #1
I can get fairly cheap insurance policies through the AICPA and I think I've decided to take them up on the liability insurance. But I don't know how much a family needs.

We have a house, the dogs, two cars and two drivers. (Riley won't be driving for another 4 years and we don't have a pool.)

Any thoughts?
 

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That would be a separate policy? I have home owners insurance and car insurance and both cover liability.
 

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In addition to my homeowners and car insurance, I have a $1,000,000 umbrella policy. Is that what you are talking about? I think $1,000,000 is pretty standard for those.
 

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Discussion Starter #4
In addition to my homeowners and car insurance, I have a $1,000,000 umbrella policy. Is that what you are talking about? I think $1,000,000 is pretty standard for those.
Yep, that's what I'm talking about.
 

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We've got a $5 million umbrella policy. We probably don't need quite that much but we've got the swimming pool to worry about and I'm not going to go broke because some kid climbs my fence and gets hurt.

If it weren't for that, we'd probably have something in the $2 million range. Somebody gets killed or paralyzed in a car accident for which you're responsible and you'll run through your car insurance limits pretty quickly.
 

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You probably want to check your state laws. How much can you protect from a liability case? Is your home protected? Is your retirement account (401K/IRA) protected? Then what else do you have that you can lose? Do you own a business? Assuming the items I mentioned are exempt, and you don't own a business, a $1M policy will probably be sufficient.
 

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1 million for me but my pool is fenced with a 7 foot yard fence and a 5 foot fence separates the pool from the house so it is located within the 7 foot fence. All gates either have a pad lock or dead bolt lock that take keys to open. In AZ you 401K and house are exempt in a liability case.
 

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Ah Ha! Finally something I am familiar with, since I'm a new puppy owner and am searching all of your posts for answers. I've worked at State Farm for the past 15 years, and I highly recommend getting an Umbrella policy. Another inexepensive thing you can do is raise your liability coverage on your homeowners. A standard 1 million dollar Umbrella policy, if you don't have any tickets, accidents or youthful drivers is usually in the $150.00 to $175.00 range if you have both auto and homeowners with the same company. I'm stating Georgia rates, but I wouldn't think an Umbrella would vary too much from State to State.
 

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Because of the family property, it was suggested (by my brother) to get about 10 million in liability
 
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