Why You Shouldn't Cancel Your Umbrella Policy

Insurance prices are rising and while it may seem tempting right now, you shouldn't cancel your umbrella policy. Here are a few reasons why!
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Mike Bernard, CFP® offers advisory services through KFG Wealth Management, LLC dba Korhorn Financial Group. This information is for general financial education and is not intended to provide specific investment advice or recommendations. All investing and investment strategies involve risk, including the potential loss of principal. Asset allocation & diversification do not ensure a profit or prevent a loss in a declining market. Past performance is not a guarantee of future results.
Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, and CFP® (with plaque design) in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization’s initial and ongoing certification requirements to use the certification marks.

[@tinarhodes4188]

In CA everything is a liability exposure....dog bites, people tripping on your property, car accidents, kids running out in the street, scammers, etc...everyone is law suit happy here. Best to be protected if you have a house or income to protect.

[@donaldlee6760]

I'm nearing retirement and I own my home in in California. I am also considering dropping my umbrella policy. I will have a pension, social security, a home with less than $699,426 in equity, and an IRA under $1.5M. Is an umbrella policy necessary if one is judgement proof?

[@steveking8548]

If you're going to cancel your umbrella, why not cancel your auto and home insurance too? Does it matter whether you owe $1.5mil (without auto ins) or $1mil (with auto ins)?

[@RAIDERSJUSTWINBAYB]

👏

[@kkovler1]

the real answer is how much exposure do you have that might need the umbrella coverage