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An example why you should have a $1,000,000 personal umbrella policy.

For me in NY it costs around $220 a year. I had to up my auto and home owners liability a little. 750 auto and 500 homeowners..

So that it equates to 1.75 million in liability.

In 2002 we were sued by our mail man who fell on our steps. Insurance paid out $280,000

In 2010 after my auto accident, my insurance paid out $250,000.

I was deemed at fault cause I made a left turn at midnight and the other driver had no lights on.

After that lawsuit I got the umbrella.

In a lawsuit, many people people think that because they have insurance, that if they get sued the plaintiff will sue your insurance, and not you.

This is simply false. When you get sued in an auto accident, YOU personally are named, and served in said lawsuit. It's up to you to notify your insurance company of the lawsuit.

At this point, depending on severity, you should retain your own counsel outside of your insurance company. This fact alone is what hammered my defense as my insurance refused to sieze the moped in question as evidence and do a filament test on th bulb. A personal attorney could have persuaded my insurance to do this.

They also refused to do accident reconstruction, to show the other driver (who self admitted online) of doing 65+ in a 30. They also refused to petition the courts to subpoena the ISP for the IP logs of the posting.

They also gave me a 'new' attorney for deposition, which had very limited knowledge of my case, because my case attorney was due in federal court on an unrelated matter, leaving me defenseless in deposition. I should have walked out.:mad:

In the end, your insurance will only do what is in their best interest to save as much money as possible. Providing you with a reasonable defense is a distant second.

So back to topic.

If you are insured for over $1,000,000 in liability, you still need an attorney your paying for. But with that much money on the table, your insurance company will fight that much harder to keep that million.

Anyone who tells you that you don't need an attorney because that's why you have auto insurance is an idiot.

My lawsuit, which I briefly touched on in the terrifying experience thread, lasted almost 3 years, turned me on to hardcore alcohol, and pretty much wiped out my personal savings, and inheritance and pushed me to literal bankruptcy. I also was unable to work as the stress of the lawsuit became over bearing, I was fired from a job I had, for well we wont go there, it was ugly :whistling

Until you have been there, you will never understand the anxiety stress and anger involved.

For instance. The plaintiff argued in court that even though I have lived in this house my whole life, that I should have begun paying rent to the estate, for living here. Or move out.

My personal checking, and savings accounts, as well as the estate checking account was seized and locked by the courts.

Then I was acused of attempting to damage my home after having my electricity turned off, in February due to the fact I couldn't pay the electric bill.

All of this could have been avoided had I hired my own attorney sooner, rather than later.

In the end, your insurance will not protect you, or your interests. Their only goal is to weasel out of liability, and leave you holding the bag.
 

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i also have an umbrella.....as a business owner people will be more likely to sue you...its just how society see's us as a cash cow.....

by having a million to give them it will satisfy them(hopefully) and save your house and retirement funds....

the cost is almost nothing a year for it
 

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I'm a Mac
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A million dollars is not enough anymore, a million went out 20 years ago. Currently we carry a million for the company and a million for auto and then have an umbrella policy of 4 million over both giving us 5 million coverage and somedays I question that considering a lot of our projects when completed are worth significantly more then that.
 

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i also have an umbrella.....as a business owner people will be more likely to sue you...its just how society see's us as a cash cow.....

by having a million to give them it will satisfy them(hopefully) and save your house and retirement funds....

the cost is almost nothing a year for it
If I lived in a state that allowed them to take your retirement funds in judgement I would move or go be a salaried employee. Not that I really have any to take, but if I bust my butt and save hard for ten years and have made sacrifices, and built a retirement fund, which I am currently getting set up to do, the idea of having someone take all that away is not acceptable.

In Texas, your home(homestead, actually), retirement, and personal assets up to $60k are safe.

This is not legal advice and just from memory.
 

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They also gave me a 'new' attorney for deposition, which had very limited knowledge of my case, because my case attorney was due in federal court on an unrelated matter, leaving me defenseless in deposition. I should have walked out.:mad:

If you are ever in this position again you should file a complaint against the attorney with your state's bar association.
Law firms do not like having complaints against their attorneys, very bad for their business and it costs the firm money to defend that attorney.
 

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Be happy.My 2mil contractors insurance liability is around $3200 a year and I've never been sued or had an accident.
 
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