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Dave Ramsey is America's trusted voice on money and business, and CEO of Ramsey Solutions. He has authored seven best-selling books, including The Total Money Makeover. The Dave Ramsey Show is heard by more than 12 million listeners each week on 575 radio stations and multiple digital platforms. Follow Dave on Twitter at @DaveRamsey and on the web at daveramsey.com. |
Having a really good income or a high net worth can mean it may be worth it to have an additional umbrella policy. Making a lot of money or being worth a lot can make you a target. Net Worth and Umbrella Insurance Dear Dave, At what point, where your net worth is concerned, should you consider additional umbrella insurance? Kyle Dear Kyle, You can buy an additional $1 million in liability insurance for your home and car for around $250 a year. Why would you want that? If you were a target. Why would you be a target? If you have a net worth of $500,000 to $1,000,000 or more. You might also be a target if you just have a really good income and make a lot of money. In either case, you’d want to pick up a liability umbrella policy. Good question! - Dave |
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