Originally Posted by mlh
I had a million dollar umbrella policy. I ask my agent if I needed it. She said she had been in the business for 25 years and had never had a law suit against a client that exceeded them standard policy so no I didnít need it.
I don't know what the minimums are in your state but in TX I believe the minimum liability requirement is 15k liability. If your agent hasn't seen a settlement larger than that she has a pretty protected clientele seems like.
I carry max liability allowed in TX (300k) on everything I own and then a 5M umbrella policy. I'm not a gambler and don't want MY money depleted by some lucky miscreant. It only takes once and the cost of the insurance is peanuts for the peace of mind IMO. I know some folks view insurance as a waste of money, but, I have known folks that thought that and ended up destitute because of their lack of insurance and cash to back it up.